Core Viewpoint - Onconetix, Inc. has successfully completed a private placement of Series C Convertible Preferred Stock and warrants, raising approximately $2.0 million for working capital and corporate purposes [2][4]. 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 [2]. - The Series C Preferred Stock is convertible into an aggregate of 776,590 shares of common stock, subject to anti-dilution adjustments [2]. - The warrants have an exercise price of $4.38 per share and are exercisable starting six months after issuance, expiring three years later [2]. Group 2: Equity Line Agreement - Onconetix entered into a Common Stock Purchase Agreement allowing the company to sell up to $25 million of newly issued shares to an institutional investor [3]. - Sales of common stock under this agreement are contingent upon a registration statement being effective with the SEC [3]. Group 3: Company Overview - Onconetix is focused on oncology and men's health, owning Proclarix®, an in vitro diagnostic test for prostate cancer, and ENTADFI, an FDA-approved treatment for benign prostatic hyperplasia [5]. - The company aims to market Proclarix® in the U.S. as a lab-developed test through a license agreement with Labcorp [5].
Correction: 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