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Onconova Therapeutics Inc. Drug Developer Raises $7 Million in Financing


5/11/2012 8:22:26 AM

Philadelphia Business Journal by John George, Senior Reporter

Onconova Therapeutics raised $7.05 million in a private equity financing, according to documents filed with the Securities and Exchange Commission.

The indentities of the investors were not disclosed.

The Newtown, Pa., biotechnology company is seeking to raise a total of $30 million.

Onconova is developing new therapies to treat cancer and related disorders.

The company’s lead compound, Rigosertib, is in late-stage testing as a potential treatment for myelodysplastic syndromes and solid tumors. Myelodysplastic syndromes are group of diverse bone marrow stem cell disorders that gradually affect the ability of bone marrow to produce normal red blood cells, white blood cells, and platelets.

The Onconova financing was disclosed in the SEC filing provided by FormDs.com.



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