11:46 AM EDT, 10/03/2024 (MT Newswires) -- Onconetix ( ONCO ) said Thursday it closed a $2 million private placement of series C convertible preferred stock and warrants.

The company said it sold 3,499 shares of series C preferred stock and warrants to buy up to 591,856 additional shares. The warrants have an exercise price of $4.38 per share.

Gross proceeds from the private placement will be used for working capital and general corporate purposes, the company added.

Onconetix ( ONCO ) also said it struck a deal with an equity line institutional investor that gives the company the right, but not the obligation, to sell to the investor up to $25 million of its newly issued shares.

Shares of the company fell more than 4% in recent trading.

Price: 4.38, Change: -0.22, Percent Change: -4.80