Onconova Therapeutics, Inc. (ONTX) announced Tuesday that it has acquired Trawsfynydd Therapeutics, Inc., a privately-held biotechnology company developing antivirals for influenza, COVID and other infectious diseases, in an all-stock transaction.
The combined company has been renamed Traws Pharma, Inc., and will trade on NASDAQ under the new ticker symbol "TRAW", commencing prior to the opening of trading Wednesday, April 3.
In connection with the merger, the stockholders of Traswfynydd received an aggregate of 3.55 million shares of common stock and 10,359.0916 shares of newly issued Series C non-voting convertible preferred stock.
Traws will be led by incoming Chief Executive Officer, Werner Cautreels.
In connection with the Merger, Traws announced that it will raise $14 million in a committed private placement financing by OrbiMed and Torrey Pines, expected to close on April 3. Upon closing of the private placement, Traws expects to have in excess of $28 million of cash and cash equivalents from the proceeds of the private placement and cash from both companies.
These proceeds will be used to advance the Traws' programs through multiple clinical data catalysts and complete the dose ranging study for narazaciclib.
Cautreels, incoming Chief Executive Officer of the combined company, said, "I am pleased to announce the combination of Onconova and Trawsfynydd at this important time, as Trawsfynydd readies to initiate Phase 2 studies in H2 2024 for its lead antiviral programs for influenza and COVID19, supported by advisors with unparalleled expertise in viral disease, and Onconova is preparing to finalize the recommended Phase 2 dose (RP2D) for narazaciclib."
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