Onconova -12% as it announces public stock offering

|About: Onconova Therapeutics (ONTX)|By:, SA News Editor

Onconova Therapeutics (ONTX -5%) has slid another 12.1% in postmarket trade after announcing a public stock offering.

All shares in the offering will be sold by the company; it will use net proceeds to support development of rigosertib for treatment in higher risk MDS.

It will grant the underwriter a 45-day option to buy up to an additional 15% of shares to cover overallotments.

Laidlaw and co. is acting as sole book-runner.