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Cardiff Oncology Announces $2.5 Million Equity Investment by Biotech-Focused Fundamental Investor Acorn Bioventures
SAN DIEGO, May 27, 2020 /PRNewswire/ -- Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage oncology therapeutics company developing drugs to treat
About this update from Cardiff Oncology, Inc.
[{"type":"text","content":"SAN DIEGO, May 27, 2020 /PRNewswire/ -- Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage oncology therapeutics company developing drugs to treat cancers with the greatest medical need for new treatment options, including KRAS-mutated colorectal cancer, Zytiga®-resistant prostate cancer and leukemia, today announced it has entered into a definitive securities purchase agreement with biotech-focused fundamental investor, Acorn Bioventures, LP, for $2.5 million.\n\n \n \n \n \n \n \n\n \nUnder the agreement, Acorn Bioventures has agreed to purchase in a registered direct offering 1,205,400 shares of common stock and in a concurrent private placement, warrants to purchase 482,160 shares of common stock for a combined purchased price at market of $2.074 per share. In a concurrent private placement, Acorn agreed to purchase warrants to purchase 482,160 shares of common stock. The warrants will be exercisable six months following the date of issuance, will expire on the five year anniversary of the initial exercise date and have an exercise price of $2.024 per share. \nCardiff intends to use the net proceeds from the registered direct offering and concurrent private placement to rapidly advance its onvansertib clinical development programs and to provide additional working capital.\n\"We are very pleased to support Cardiff Oncology as they continue to progress clinical development of onvansertib for second-line treatment of patients with KRAS-mutated metastatic colorectal cancer, Zytiga-resistant metastatic castration-resistant prostate cancer and acute myeloid leukemia,\" commented Isaac Manke, PhD, and Anders Hove, MD, of Acorn Bioventures.\n\"We believe this investment by Acorn Bioventures is validation of the positive impact we are seeing in patients treated with onvansertib,\" said Dr. Mark Erlander, Chief Executive Officer of Cardiff Oncology. \"Acorn Bioventures is well recognized for their long-term investing in companies that are bringing novel innovative medicines to patients. We are excited to embark on this important partnership.\"\nThe common stock is being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-232321), previously filed with the Securities and Exchange Commission (\"SEC\") on June 25, 2019 and declared effective on July 1, 2019. Such shares of common stock are being offered onl...