Newron Pharmaceutical SpA, of Milan, Italy, said, under its financing agreement with the European Investment Bank (EIB), it will receive tranche two, consisting of €7.5 million (US$8.25 million), that will primarily be used to support the company’s development programs in diseases of the central nervous system. The first tranche of the loan was received in July. The second tranche of financing consists of a total of up to €40 million, subject to achieving a set of agreed performance criteria. EIB received warrants entitling it to purchase up to 151,344 ordinary shares of Newron at an exercise price of €9.25 each.
Onconova Therapeutics Inc., of Newtown, Pa., said it closed its public offering of 55 million shares of common stock (or common stock equivalents), together with accompanying common stock warrants, at 20 cents per share and associated warrant to purchase one share of common stock at 20 cents per share. The gross proceeds are $11 million, and the company anticipates using the net proceeds to fund the development of its clinical and preclinical programs, for other research and development activities and for general corporate purposes. The company’s shares (NASDAQ:ONTX) closed Monday at 14 cents down 9%.
Surface Oncology Inc., of Cambridge, Mass., said it secured a debt financing facility for up to $25 million from K2 Healthventures. It received a first tranche of $7.5 million upon closing, with two subsequent tranches becoming available upon the achievement of certain milestones. The company’s shares (NASDAQ:SURF) closed Monday at $1.84, down 21%.