Oncternal Therapeutics Reports Granting of Inducement Award Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Oncternal Therapeutics, Inc. (Nasdaq: ONCT) announced on February 1, 2023, the granting of an inducement award to Jennifer Neumann, who joined as Director of Clinical Data Management. The award includes an option to purchase 33,300 shares of ONCT common stock at the closing price on the grant date, with a 10-year term and a four-year vesting schedule. This was conducted under the company's 2021 Employment Inducement Incentive Award Plan, approved by the independent compensation committee, aligning with Nasdaq regulations. Oncternal focuses on developing oncology therapies for unmet medical needs, particularly in hematological malignancies and prostate cancer.

Positive

• Inducement award of 33,300 shares granted to a new employee, which may enhance talent acquisition.
• Recruitment of a key position (Director, Clinical Data Management) strengthening operational capabilities.

Negative

• None.

SAN DIEGO, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Oncternal Therapeutics, Inc. (Nasdaq: ONCT), a clinical-stage biopharmaceutical company focused on the development of novel oncology therapies, today announced that it has granted an inducement award to one new employee, Jennifer Neumann, who joined Oncternal as Director, Clinical Data Management.

The award was made on February 1, 2023 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 consists of an option to purchase 33,300 shares of Oncternal common stock. The option has a 10-year term and an exercise price equal to the closing price of Oncternal’s common stock on the date of grant. The option vests over a four-year period, with 25% of the shares subject to the option vesting on the first anniversary of the employee’s start date, and the rest vesting in equal monthly installments over three years thereafter. The award was approved by Oncternal’s compensation committee, comprised entirely of independent directors, as required by Nasdaq Rule 5635(c)(4), and was granted as an inducement material to the employee 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 patients with cancers that have critical unmet medical need. Oncternal pursues drug development targeting promising, yet untapped biological pathways implicated in cancer generation or progression, focusing on hematological malignancies and prostate cancer. The lead clinical program is zilovertamab, an investigational monoclonal antibody designed to inhibit the function of Receptor Tyrosine Kinase-Like Orphan Receptor 1 (ROR1). ZILO-301, a global Phase 3 Study to evaluate zilovertamab in combination with ibrutinib for the treatment of patients with relapsed/refractory mantle cell lymphoma (MCL) has been initiated (NCT05431179). Zilovertamab continues to be evaluated in an ongoing Phase 1/2 study in combination with ibrutinib for the treatment of patients with MCL and chronic lymphocytic leukemia (CLL), and this trial was recently amended to include patients with marginal zone lymphoma (MZL) (NCT03088878). Zilovertamab is also being evaluated in two investigator-initiated studies, including a Phase 2 clinical trial of zilovertamab in combination with venetoclax, a Bcl-2 inhibitor, in patients with relapsed/refractory CLL, and in a Phase 1b study of zilovertamab in combination with docetaxel in patients with metastatic castration-resistant prostate cancer (mCRPC). Oncternal is also moving into the clinic with ONCT-808, an autologous chimeric antigen receptor T (CAR T) cell therapy that targets ROR1, with an active U.S. IND as of the end of September 2022 for the treatment of patients with relapsed or refractory aggressive B cell lymphoma, including patients who have failed previous CD19 CAR T treatment. The preclinical pipeline also includes ONCT-534, a dual-action androgen receptor inhibitor (DAARI) that is undergoing final IND-enabling studies, as a potential treatment for castration resistant prostate cancer, including those with unmet medical need due to resistance to approved, standard of care androgen receptor inhibitors. More information is available at https://oncternal.com/.

Contact Information:

Investors
Richard Vincent
Chief Financial Officer
858-434-1113
rvincent@oncternal.com

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

FAQ

What is the purpose of Oncternal's inducement award?

The inducement award is designed to attract new employees by providing equity incentives.

When was the inducement award granted to Jennifer Neumann?

The inducement award was granted on February 1, 2023.

What does the inducement award consist of?

The inducement award consists of an option to purchase 33,300 shares of Oncternal common stock.

How long is the term of the stock option granted to the new employee?

The stock option has a term of 10 years.

How does the vesting schedule work for the granted stock options?

The options vest over four years, with 25% vesting on the first anniversary and the rest vesting in equal monthly installments.