Oncolytics Biotech Inc. (ONCY, ONC.TO) announced that it has priced an underwritten public offering of 8.0 million common shares, at a public offering price of US$4.00 per common share.
The company estimates that the gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses payable by the company, will be US$32.0 million. The offering is expected to close on or about February 25, 2013 , subject to customary closing conditions.
The company noted that it has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 1.2 million common shares to cover over-allotments, if any.
The company added that it intends to use the net proceeds from the offering to fund its clinical trial program, manufacturing program and for general corporate and working capital purposes.
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