Onconova Therapeutics Inc. shares dropped 12.3% to $2.19 in morning trade Friday after the company priced a stock offering at $2.10 per share. Shares were valued at $2.49 as of Thursday’s close. The company plans to offer about 2.5 million shares on or about April 26 for an expected $5.2 million that it plans to use to develop its drug for higher-risk myelodysplastic syndromes, which are considered a form of cancer and are related to bone marrow damage. Onconova shares have declined 10.9% over the last three months, compared with a 3.7% rise in the S&P 500 .
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