Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Fri, May 20, 10:20 PM
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Slide #380. Oncothyreon Inc. — Preferred Stock Offering
Oncothyreon Inc. (ONTY)
Preferred Stock Offering Details:
Oncothyreon Inc. (NASDAQ: ONTY) today announced that it intends to offer and sell shares of its Common Stock and Series A Convertible Preferred Stock in separate but concurrent underwritten public offerings. The Series A Convertible Preferred Stock is non-voting and convertible into shares of Oncothyreon Common Stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would beneficially own more than 4.99% of the Common Stock then outstanding. As part of the Common Stock offering, Oncothyreon also expects to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. The offerings are being conducted as separate public offerings by means of separate prospectus supplements, and neither offering is contingent upon the consummation of the other. The offerings are subject to market conditions and there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or terms of the offerings.
Cascadian Therapeutics is a clinical-stage biopharmaceutical company focused primarily on the development of therapeutic products for the treatment of cancer. Co.'s clinical-stage product candidates include ONT-380, an orally active and selective small-molecule HER2 inhibitor, and ONT-10, a therapeutic vaccine targeting the Mucin 1 peptide antigen. Co. also develops preclinical product candidates in oncology, and potentially certain rare diseases, using its acquired protocell technology. Co. also collaborates with partners to discover and develop additional product candidates.
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Buy (3.25 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com