Onyx Pharmaceuticals Announces $20 Million Private Placement
RICHMOND, Calif., May 9 /PRNewswire-FirstCall/ -- Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX - news) today announced it raised gross proceeds of $20 million in a private placement. The company sold 2,972,925 shares of its common stock at a price of $6.75 per share. The company also issued warrants to purchase 743,229 shares of its common stock at $9.59 per share. Participants in the financing included Domain Associates, L.L.C., a current shareholder of Onyx, and new investors OrbiMed Advisors, L.L.C., Perceptive Life Sciences Fund, Federated Kaufmann Fund and other investors. Gross proceeds from the offering will be used primarily for working capital purposes, including the clinical development of BAY 43-9006 and ONYX-015. The financing was exempt from registration under the Securities Act of 1933, as amended, pursuant to Regulation D of the Securities Act. The company has agreed to file a registration statement with the Securities and Exchange Commission within 30 days for the resale of the shares. U.S. Bancorp Piper Jaffray served as exclusive placement agent for the equity financing.
Onyx Pharmaceuticals is engaged in the discovery and development of novel cancer therapies. Based on its proprietary technologies that target the molecular basis of cancer, the company is developing two lead products, BAY 43-9006 and ONYX-015. For more information about Onyx's pipeline and activities, visit the company's web site at www.onyx-pharm.com.
This press release may contain certain forward-looking statements regarding the development of potential human therapeutic products that involve a number of risks and uncertainties. Actual events may differ from the company's expectations. In addition to the matters described in this press release, the timeline for clinical activity, results of pending or future clinical trials, dependency on third parties to manufacture our products, and changes in the status of the company's collaborative relationships, as well as the risk factors listed from time to time in the company's periodic reports filed with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K, may affect the actual results achieved by the company.
SOURCE: Onyx Pharmaceuticals, Inc. |
