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

Rhea-AI Summary

Oncternal Therapeutics (Nasdaq: ONCT) has announced the grant of an inducement award to new employee Yelena Tsabur, who joins as Associate Clinical Trial Manager. The award, issued on March 1, 2023, includes an option to purchase 14,600 shares of common stock at the closing price on the grant date. This option vests over four years, with 25% vesting after the first year and the remainder vesting monthly for the next three years. The grant complies with Nasdaq's inducement rules and aims to attract talent to support Oncternal's focus on innovative oncology therapies targeting critical unmet medical needs.

Positive

• Granting of stock options could incentivize employee performance and retention.
• New hire may enhance clinical trial management capabilities.

Negative

• None.

SAN DIEGO, March 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, Yelena Tsabur, who joined Oncternal as Associate Clinical Trial Manager.

The award was made on March 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 14,600 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 award did Oncternal Therapeutics grant on March 1, 2023?

On March 1, 2023, Oncternal Therapeutics granted an inducement award consisting of stock options to new employee Yelena Tsabur.

How many shares were included in the stock option for Yelena Tsabur?

The stock option granted to Yelena Tsabur includes 14,600 shares of Oncternal common stock.

What is the vesting schedule for the stock options granted to the new employee?

The stock options vest over four years, with 25% vesting on the first anniversary of employment and the remainder vesting in equal monthly installments over the following three years.

What plan governs the inducement award granted by Oncternal?

The inducement award was made under Oncternal’s 2021 Employment Inducement Incentive Award Plan.

What is the purpose of the inducement award granted to Yelena Tsabur?

The inducement award aims to attract new talent to Oncternal Therapeutics, encouraging the employee to join the company.