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

Rhea-AI Summary

Oncternal Therapeutics, Inc. (Nasdaq: ONCT) announced the granting of an inducement award to new Head of Clinical Science, Ted Shih, on June 1, 2022. This award, part of the 2021 Employment Inducement Incentive Award Plan, includes an option to purchase 70,000 shares of common stock, vesting over four years. The approval came from Oncternal’s independent compensation committee, ensuring compliance with Nasdaq rules. Oncternal focuses on developing therapies for cancers with significant unmet medical needs, including ongoing clinical trials for its lead product, zilovertamab.

Positive

• Inducement award to new Head of Clinical Science, enhancing talent acquisition.
• 70,000 stock options granted, aligning employee interest with company performance.

Negative

• None.

SAN DIEGO, June 01, 2022 (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, Ted Shih, who joined the Company as Head, Clinical Science.

The award was made on June 1, 2022 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 70,000 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 clinical pipeline includes zilovertamab an investigational monoclonal antibody designed to inhibit ROR1, a type I tyrosine kinase-like orphan receptor. Zilovertamab 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), in investigator-initiated studies, including a Phase 1b clinical trial in combination with paclitaxel for the treatment of women with HER2-negative metastatic or locally advanced, unresectable breast cancer, in 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 developing ONCT-808, 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 early-stage pipeline also includes ONCT-534, a dual-action androgen receptor inhibitor (DAARI), that is in preclinical development as a potential treatment for castration resistant prostate cancers, including those with clinically important resistance to approved 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 recent inducement award granted by Oncternal Therapeutics?

Oncternal Therapeutics granted a 70,000 stock option inducement award to new Head of Clinical Science, Ted Shih, on June 1, 2022.

How many shares can Ted Shih acquire from the inducement award?

Ted Shih can acquire 70,000 shares of Oncternal's common stock through the inducement award.

What is the exercise price for the stock options granted to Ted Shih?

The exercise price for the stock options is equal to the closing price of Oncternal's common stock on the date of grant.

What is Oncternal Therapeutics focused on?

Oncternal Therapeutics focuses on developing novel oncology therapies for cancers with critical unmet medical needs.

What are the vesting terms for the stock options awarded to Ted Shih?

The options vest over a four-year period, with 25% vesting on the first anniversary and the remainder in equal monthly installments.