One of the biotech stocks to have recorded remarkable gains in 2021 so far is that of Onconova Therapeutics Inc (NASDAQ: ONTX) and the rally continued on Wednesday following an announcement from the company. The stock has rallied by around 245% this year so far and yesterday, it recorded gains of as big as 24%.
The latest rally was triggered by an announcement from Onconova following market closure on Tuesday. The company announced that it managed to raise as huge as $28.75 million in fresh capital through a stock offering. In this stock offering, the company offered 28.75 million shares at a dollar apiece. The fresh capital is not only going to be used to strengthen the company’s balance sheet but also used towards the funding of its cancer treatment programs.
In addition to that, it should also be noted that many investors are also possibly waiting for the updates from the 2021 BIO CEO & Investor Digital Conference that is going to end today. Onconova CEO Steven Fruchtman is scheduled to make a presentation at the event.