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Oncternal Therapeutics and CEL-SCI announce bought-deal offerings

By Brian Buntz | December 11, 2020

ONCTERNAL-CEL-SCIThe clinical-stage biopharma firm Oncternal Therapeutics (NSDQ:ONCT) has announced that an underwriter has agreed to purchase 16,666,667 shares of its common stock at $4.50 per share minus underwriting discounts and commissions. Oncternal expects to rake in approximately $75 million from the deal.

CEL-SCI (NYSEAMERICAN: CVM), a cancer immunotherapy company, has closed an offering of one million shares of its stock at $14.65 per share, which equates to roughly $14.65 million.

The total valuation of those two deals does not include underwriting discounts and other expenses.

Oncternal Therapeutics has also recently announced that updated interim clinical data from an ongoing Phase 1/2 trial. The study investigates the combination of the investigational monoclonal antibody Cirmtuzumab and the small-molecule drug Ibrutinib that targets ROR1, a receptor tyrosine kinase expressed in several cancers. The trial will focus on leukemia and lymphoma.

CEL-SCI also has an update of a Phase 3 study, confirming that it has completed a data lock for the trial and is proceeding with statistical analysis of the study data. The Phase 3 clinical trial took place in more than 20 countries, some of which faced severe shutdowns thanks to the COVID-19 pandemic.

CEL-SCI rose $10 million earlier this year to fund the expansion of Multikine cancer immunotherapy manufacturing facility near Baltimore.

About The Author

Brian Buntz

The pharma and biotech editor of WTWH Media, Brian is a veteran journalist with more than 15 years of experience covering an array of life science topics, including clinical trials, drug discovery and development and medical devices. Before coming to WTWH, he served as content director focused on connected devices at Informa. In addition, Brian covered the medical device sector for 10 years at UBM. At Qmed, he overhauled the brand’s news coverage and helped to grow the site’s traffic volume dramatically. He had previously held managing editor roles on two of the company’s medical device technology publications. Connect with him on LinkedIn or email at bbuntz@wtwhmedia.com.

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