Onconova Therapeutics, (Nasdaq:ONTX), a US-based clinical-stage biopharmaceutical company focused on discovering and developing novel small molecule drug candidates to treat cancer, closed on 30 July its initial public offering of 5,941,667 shares of common stock at a public offering price of $15 per share, including 775,000 shares issued to the underwriters to cover over-allotments. Net proceeds to the Company were approximately $79.6m.
Onconova Therapeutics’s share price started trading at $25 per share on the first day of trading, 25 July, and closed at $19.88, approximately 33% higher than the IPO price.
Citigroup and Leerink Swann acted as joint bookrunning managers for the offering. Piper Jaffray and Janney Montgomery Scott acted as co-managers.
Leading up to the IPO, Onconova’s backers and licensing partners included US healthcare company Baxter International, India-based pharmaceutical company Cadila Healthcare, and venture capital firms ICICI Ventures (part of Indian financial services group ICICI), Starec and Naftali, Tinicum Partners and Mehta Partners.