Core Viewpoint - Onconetix, Inc. has successfully completed a private placement raising approximately $2.0 million through the issuance of Series C Convertible Preferred Stock and warrants, while also entering into a Common Stock Purchase Agreement for up to $25 million with an institutional investor [1][2][3] Group 1: Private Placement Details - The private placement involved 3,499 shares of Series C Convertible Preferred Stock and warrants to acquire up to 591,856 additional shares of common stock, with gross proceeds of about $2.0 million [1] - The Series C Preferred Stock is convertible into an aggregate of 776,590 shares of common stock, subject to anti-dilution adjustments [1] - The warrants have an exercise price of $4.38 per share and are exercisable starting six months after issuance, expiring three years later [1] Group 2: Common Stock Purchase Agreement - Onconetix has entered into a Common Stock Purchase Agreement allowing the company to sell up to $25 million of newly issued shares to an institutional investor [2] - The commencement of sales under this agreement is contingent upon a registration statement being declared effective by the SEC [2] - Actual sales will depend on various factors including market conditions and the trading price of the common stock [2] Group 3: Use of Proceeds - The company intends to utilize the proceeds from the private placement for working capital and general corporate purposes [1][3] - The financing is expected to support operations and potential growth opportunities for Onconetix [3] Group 4: Company Overview - Onconetix is a commercial stage biotechnology company focused on oncology and men's health solutions [3] - The company owns Proclarix®, an in vitro diagnostic test for prostate cancer, and ENTADFI, an FDA-approved treatment for benign prostatic hyperplasia [3]
Onconetix Announces Financing Through a $2.0 Million Private Placement of Series C Preferred Stock and Warrants, Establishes a $25 Million Equity Line of Credit