Oncternal Therapeutics Appoints Pablo Urbaneja as Sr. Vice President, Corporate Development

Rhea-AI Summary

Oncternal Therapeutics has appointed Pablo Urbaneja as Senior Vice President, Corporate Development, tasked with enhancing strategic planning and corporate initiatives. Previously, Urbaneja held a similar role at Coherus Biosciences, contributing to its biosimilars and immuno-oncology pipeline. He also has experience from McKinsey & Company. Oncternal has granted inducement awards to Urbaneja and Yao Wang, both involving options on shares, aimed at attracting talent as part of their growth strategy. The company continues to develop novel oncology therapies targeting unmet medical needs.

Positive

• Pablo Urbaneja brings extensive experience in corporate development, which may enhance Oncternal's strategic initiatives.
• Inducement awards to new executives could attract skilled leadership and drive corporate goals.

Negative

• None.

SAN DIEGO, July 01, 2021 (GLOBE NEWSWIRE) -- Oncternal Therapeutics, Inc. (Nasdaq: ONCT), a clinical-stage biopharmaceutical company focused on the development of novel oncology therapies, today announced the appointment of Pablo Urbaneja as Senior Vice President, Corporate Development.

Mr. Urbaneja will be responsible for strategic planning and advancing corporate and business development initiatives at Oncternal. Most recently he served as Vice President, Corporate Development at Coherus Biosciences, where he helped transform its biosimilars and immuno-oncology late-stage pipeline. Previously, Mr. Urbaneja was in the pharmaceuticals and medical products practice of McKinsey & Company, where he advised clients on business strategy, operational performance, commercialization, and mergers and acquisitions, on a global scale.

“Mr. Urbaneja brings significant experience in business strategy, pipeline prioritization and alignment, corporate development and strategic partnering,” said James Breitmeyer, M.D., Ph.D., Oncternal’s President and CEO. “We believe the addition of Pablo will be key in helping us achieve our ambitious corporate development goals in the coming years.”

Equity Inducement Grants
On July 1, 2021, Oncternal granted inducement awards to Mr. Urbaneja and Yao Wang, who joined the Company as Global Clinical Development Lead, under Oncternal’s 2021 Employment Inducement Incentive Award Plan, which provides for the granting of equity awards to new employees of Oncternal as an inducement to join the Company. The award to Mr. Urbaneja consists of options to purchase 200,000 shares of Oncternal common stock, and the award to Ms. Wang consists of options to purchase 141,400 shares of Oncternal common stock. The options have a 10-year term and an exercise price equal to the closing price of Oncternal’s common stock on the date of grant. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of each new employee’s employment start date, and the rest vesting in equal monthly installments over three years thereafter. The awards were approved by Oncternal’s compensation committee, comprised entirely of independent directors, as required by Nasdaq Rule 5635(c)(4), and were granted as an inducement material to the employees entering into employment with Oncternal in accordance with Nasdaq Rule 5635(c)(4).

About Oncternal Therapeutics
Oncternal Therapeutics is a clinical-stage biopharmaceutical company focused on the development of novel oncology therapies for the treatment of cancers with critical unmet medical need. Oncternal focuses drug development on promising yet untapped biological pathways implicated in cancer generation or progression. The clinical pipeline includes cirmtuzumab, an investigational monoclonal antibody designed to inhibit the ROR1 pathway, a type I tyrosine kinase-like orphan receptor, that is being evaluated in a Phase 1/2 clinical trial in combination with ibrutinib for the treatment of patients with mantle cell lymphoma (MCL) and chronic lymphocytic leukemia (CLL) and in an investigator-sponsored, Phase 1b clinical trial in combination with paclitaxel for the treatment of women with HER2-negative metastatic or locally advanced, unresectable breast cancer, as well as a Phase 2 clinical trial of cirmtuzumab in combination with venetoclax, a Bcl-2 inhibitor, in patients with relapsed/refractory CLL. Oncternal is also developing a chimeric antigen receptor T cell (CAR-T) therapy that targets ROR1, which is currently in preclinical development as a potential treatment for hematologic cancers and solid tumors. The clinical pipeline also includes TK216, an investigational targeted small-molecule inhibitor of the ETS family of oncoproteins, that is being evaluated in a Phase 1/2 clinical trial for patients with Ewing sarcoma alone and in combination with vincristine chemotherapy. More information is available at https://oncternal.com.

Oncternal Contacts:
Investors
Richard Vincent
858-434-1113
rvincent@oncternal.com

Media
Corey Davis, Ph.D.       
LifeSci Advisors           
212-915-2577 
cdavis@lifesciadvisors.com

FAQ

Who has been appointed as Senior Vice President at Oncternal Therapeutics?

Pablo Urbaneja has been appointed as Senior Vice President, Corporate Development at Oncternal Therapeutics.

What experience does Pablo Urbaneja bring to Oncternal?

Pablo Urbaneja has experience in corporate development from Coherus Biosciences and has worked with McKinsey & Company advising on business strategy.

What are the equity inducement awards given to Oncternal executives?

Oncternal granted inducement awards, including options for 200,000 shares to Pablo Urbaneja and 141,400 shares to Yao Wang, as part of their incentive to join the company.

What is the significance of the management change at Oncternal?

The management change is expected to strengthen corporate development efforts and help Oncternal achieve its strategic goals.