Onconova Therapeutics Buys Trawsfynydd Therapeutics

Dow Jones04-02

By Chris Wack

Onconova Therapeutics has bought 100% of the equity interests of Trawsfynydd Therapeutics, a privately held biotechnology company, in an all-stock transaction.

The combined company will be renamed Traws Pharma, and will trade on Nasdaq under the new ticker symbol TRAW, starting Wednesday.

In connection with the merger, Traws said it will raise $14 million in a committed private placement financing by OrbiMed and Torrey Pines, expected to close Wednesday.

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.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 02, 2024 07:20 ET (11:20 GMT)

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