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Onconova prices $8.7M offering

Onconova Therapeutics Inc. is looking to raise $8.7 million via the sale of 8,650,000 shares at $1.01 each.

The company will also issue warrants to buy up to 865,000 series A convertible preferred stock.

H.C. Wainwright & Co. is acting as the sole book-running manager in the offering, which is expected to close by Feb. 12.

The underwriter has an option to buy up to an additional 1,297,500 shares, which will come with warrants to buy another 129,750 series A preferred stock.

If the overallotment option is fully exercised, gross proceeds from the offering will go up to $10 million.

The Newtown, Pa.-based biopharmaceutical company developing treatments for cancer will use proceeds from the offering for general corporate purposes.