Onconova Therapeutics Inc. announced today that the price of its common stock to be offered in the initial public offering will be US$15 per share pending underwriting discounts.

The biotech company focused on cancer treatment research also granted its underwriters a 30-day option to buy additional 775,000 shares of its common stock at the same price to address overallotments, if any.

The shares will start trading on July 25, 2013 under ticker "ONTX" on NASDAQ Global Market and will run for five days, the company said. A registration statement for the activity was approved by the Securities and Exchange Commission on July 24, 2013.

Leerink Swann and Citigroup will act as joint bookrunning managers, while Janney Montgomery Scott and Piper Jaffray were tapped as co-managers for the offering.

Onconova Therapeutics is concentrating its resources to develop products to treat cancer. Aside from its champion product, rigosertib, it's also developing two other drugs which are presently in clinical trials.