SC 13D/A 1 sierraonc_13dam2jan312022.htm SC 13D/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

 

Sierra Oncology, Inc.

(Name of Issuer)

 

Common Stock, par value $0.001 per share

(Title of Class of Securities)

 

82640U404

(CUSIP Number)

 

John Heard

Abingworth LLP

Princes House

38 Jermyn Street

London, England SW1Y 6DN

+44 20 7534 1500

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

January 31, 2022

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

 

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 
 

 

 

CUSIP No. 82640U404
1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only):

Abingworth LLP

98-0518585

2. Check the Appropriate Box if a Member of a Group (See Instructions): (a) [ ]  
  (b) [ ]  
3. SEC Use Only
4. Source of Funds (See Instructions): WC (See Item 3)
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): [ ]
6. Citizenship or Place of Organization: England
 
  Number of 7. Sole Voting Power: 0  
  Shares Beneficially 8. Shared Voting Power: 2,193,626*  
  Owned by      
  Each Reporting 9. Sole Dispositive Power: 0  
  Person With 10. Shared Dispositive Power: 2,193,626*  
       
11. Aggregate Amount Beneficially Owned by Each Reporting Person: 2,193,626*  
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): [ ]
13. Percent of Class Represented by Amount in Row (11): 11.3%*    
14. Type of Reporting Person (See Instructions): PN    
                 

*As of the date hereof, Abingworth LLP (“Abingworth”) may be deemed to beneficially own an aggregate of 2,193,626 shares of common stock, par value $0.001 per share (the “Common Stock”), of Sierra Oncology, Inc. (the “Issuer”) consisting of (i) 1,314,127 shares of Common Stock held directly by Abingworth Bioventures VII, LP (“ABV VII”), (ii) 8,374 shares of Common Stock issuable upon exercise of stock options issued to Dr. Andrew Sinclair and (iii) an aggregate of 871,125 shares of Common Stock issuable upon the exercise of Series A Warrants (the “Series A Warrants”) held by ABV VII. Dr. Andrew Sinclair, a Partner of Abingworth, was granted options, as director’s compensation, with respect to 14,374 shares of Common Stock, of which 8,374 shares of Common Stock are exercisable within 60 days of the date hereof (the “Options”). Under an agreement between Dr. Sinclair and Abingworth, Dr. Sinclair is deemed to hold the Options and any shares of Common Stock issuable upon exercise of the Options for the benefit of ABV VII, and must exercise the Options solely upon the direction of Abingworth. As a result of the foregoing, Abingworth, as the investment manager of ABV VII, may be deemed to beneficially own (i) the 1,314,127 shares of Common Stock, (ii) the 8,374 shares of Common Stock issuable upon exercise of the Options and (iii) the 871,125 shares of Common Stock underlying the Series A Warrants. Thus, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, Abingworth may be deemed to beneficially own 11.3% of the shares of Common Stock of the Issuer deemed issued and outstanding as of the date hereof.

 

The foregoing beneficial ownership percentage is based upon 18,573,028 shares of Common Stock outstanding as of January 31, 2022, based on information reported in the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on January 27, 2022.

 

 
 

 

 

CUSIP No. 82640U404
1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only):

Abingworth Bioventures VII, LP

93-1331173

2. Check the Appropriate Box if a Member of a Group (See Instructions): (a) [ ]  
  (b) [ ]  
3. SEC Use Only
4. Source of Funds (See Instructions): WC (See Item 3)
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): [ ]
6. Citizenship or Place of Organization: England
 
  Number of 7. Sole Voting Power: 0  
  Shares Beneficially 8. Shared Voting Power: 2,193,626*  
  Owned by      
  Each Reporting 9. Sole Dispositive Power: 0  
  Person With 10. Shared Dispositive Power: 2,193,626*  
       
11. Aggregate Amount Beneficially Owned by Each Reporting Person: 2,193,626*  
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): [ ]
13. Percent of Class Represented by Amount in Row (11): 11.3%*    
14. Type of Reporting Person (See Instructions): PN    
                 

*As of the date hereof, ABV VII may be deemed to beneficially own an aggregate of 2,193,626 shares of Common Stock of the Issuer consisting of (i) 1,314,127 shares of Common Stock held directly by ABV VII, (ii) 8,374 shares of Common Stock issuable upon exercise of stock options issued to Dr. Sinclair and (iii) an aggregate of 871,125 shares of Common Stock issuable upon the exercise of Series A Warrants held by ABV VII. Dr. Andrew Sinclair, a Partner of Abingworth, was granted options, as director’s compensation, with respect to 14,374 shares of Common Stock, of which 8,374 shares of Common Stock are exercisable within 60 days of the date hereof. Under an agreement between Dr. Sinclair and Abingworth, Dr. Sinclair is deemed to hold the Options and any shares of Common Stock issuable upon exercise of the Options for the benefit of ABV VII, and must exercise the Options solely upon the direction of Abingworth. As a result of the foregoing, ABV VII, may be deemed to beneficially own (i) the 1,314,127 shares of Common Stock, (ii) the 8,374 shares of Common Stock issuable upon exercise of the Options and (iii) the 871,125 shares of Common Stock underlying the Series A Warrants. Thus, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, ABV VII may be deemed to beneficially own 11.3% of the shares of Common Stock of the Issuer deemed issued and outstanding as of the date hereof.

 

The foregoing beneficial ownership percentage is based upon 18,573,028 shares of Common Stock outstanding as of January 31, 2022, based on information reported in the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on January 27, 2022.

 

 
 
 

 

Explanatory Note

 

This Amendment No. 2 (this “Amendment”) amends and supplements the Schedule 13D filed on behalf of the Reporting Persons with the Securities and Exchange Commission on February 10, 2020 and Amendment No. 1 thereto filed with Securities and Exchange Commission on November 5, 2021 (together, the “Schedule 13D”). Except as specifically provided herein, this Amendment does not modify or amend any of the information previously reported in the Schedule 13D. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

 

Item 3. Source and Amount of Funds or Other Consideration

 

Item 3 of the Schedule 13D is amended and supplemented, as the case may be, to add the following:

 

The information set forth in Item 5 of this Schedule 13D is incorporated herein by reference.

 

  Item 4. Purpose of Transaction

Item 4 of the Schedule 13D is amended and supplemented, as the case may be, to add the following:

 

Except as set forth herein, the Reporting Persons do not have any plan or proposal that would relate to, or result in, any of the matters set forth under subsections (a) through (j) of Item 4 of Schedule 13D.

 

The information set forth in Item 5 of this Schedule 13D is incorporated herein by reference.

 

  Item 5. Interest in Securities of the Issuer

Item 5 of the Schedule 13D is amended and restated as follows:

 

As of the date hereof, Abingworth may be deemed to beneficially own an aggregate of 2,193,626 shares of Common Stock of the Issuer consisting of (i) 1,314,127 shares of Common Stock held by ABV VII, (ii) an aggregate of 871,125 shares of Common Stock issuable upon the exercise of the Series A Warrants held by ABV VII and (iii) 8,374 shares of Common Stock issuable upon exercise of stock options issued to Dr. Andrew Sinclair. Dr. Sinclair is a Partner of Abingworth. Under an agreement between Dr. Sinclair and Abingworth, Dr. Sinclair is deemed to hold the stock options and any shares of Common Stock issuable upon exercise of the stock options for the benefit of ABV VII, and must exercise the options solely upon the direction of Abingworth.

 

On January 28, 2022, ABV VII acquired 287,471 shares of Common Stock through its exercise of the Issuer’s Series B Warrants for an aggregate exercise price of $3,794,617.20. The aggregate exercise price was funded with ABV VII’s investment capital.

 

On January 31, 2022, the Issuer closed an underwritten public offering of 4,074,075 shares of Common Stock and pre-funded warrants to purchase up to 925,925 shares of Common Stock (the “January 2022 Offering”). In the January 2022 Offering, ABV VII purchased 150,000 shares of Common Stock for an aggregate purchase price of $4,050,000. ABV VII purchased the Common Stock with its investment capital.

 

 

As a result of the foregoing, Abingworth, as the investment manager of ABV VII, may be deemed to beneficially own (i) the 1,314,127 shares of Common Stock held by ABV VII, (ii) the 8,374 shares of Common Stock issuable upon exercise of the Options and (iii) the 871,125 shares of Common Stock underlying the Series A Warrants held by ABV VII. Thus, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, Abingworth may be deemed to beneficially own 11.3% of the shares of Common Stock of the Issuer deemed issued and outstanding as of the date hereof.

 

The foregoing beneficial ownership percentage is based upon 18,573,028 shares of Common Stock outstanding as of January 31, 2022, based on information reported in the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on January 27, 2022.

 

Except as described herein, during the past sixty (60) days on or prior to February 10, 2022, there were no other purchases or sales of shares of Common Stock, or securities convertible into or exchangeable for shares of Common Stock, by the Reporting Persons or any person or entity for which the Reporting Persons possess voting or dispositive control over the securities thereof.

 

  Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

 

Item 6 of the Schedule 13D is amended and supplemented, as the case may be, to add the following:

 

In connection with the January 2022 Offering, ABV VII entered into a lock-up agreement, pursuant to which ABV VII agreed, subject to certain exceptions, not to sell, transfer or otherwise convey any of the Issuer’s securities held by ABV VII for a period of ninety (90) days following the date of the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on January 27, 2022.

 

The foregoing description of the lock-up agreement is a summary only and is qualified in its entirety by the actual terms of the lock-up agreement, which is incorporated herein by reference. See Item 7 “Material to be Filed as Exhibits.”

 

The information set forth in Item 5 of this Schedule 13D is incorporated herein by reference.

 

  Item 7. Material to be Filed as Exhibits

The following exhibit is incorporated into this Schedule 13D:

 

 

Exhibit 1

 

 

 

 

Exhibit 2

Joint Filing Agreement, dated February 10, 2020, signed by each of the Reporting Persons (incorporated by reference to Exhibit 1 to the Schedule 13D filed with the Securities and Exchange Commission on February 10, 2020).

 

Form of Lock-Up Agreement for certain directors, officers and other stockholders of the Issuer (incorporated by reference to Exhibit A to the Form of Underwriting Agreement filed as Exhibit 1.1 to the Issuer’s Current Report on Form 8-K as filed with the Securities and Exchange Commission on January 27, 2022).

 
 

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: February 10, 2022

ABINGWORTH BIOVENTURES VII, LP

 

By: Abingworth LLP, its Manager

 

 

By: /s/ John Heard

Name: John Heard

Title: Authorized Signatory

 

 

ABINGWORTH LLP

 

By: /s/ John Heard

Name: John Heard

Title: Authorized Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).