Why Onconova Therapeutics Stock Soared Today

Shares of Onconova Therapeutics (NASDAQ: ONTX) surged 23.8% on Wednesday, bringing the biopharmaceutical company's year-to-date gains to an impressive 245%.  

Onconova announced after the market close on Tuesday that it raised $28.75 million via a stock offering. The biotech sold 28.75 million shares at a price of $1.00 per share. The proceeds from the stock sale should help to shore up Onconova's balance sheet and give it more of the cash it needs to fund its cancer-treatment development programs. 

Onconova Therapeutics' stock price rose sharply on Wednesday. Image source: Getty Images.

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Source Fool.com