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

Rhea-AI Summary

Oncternal Therapeutics (Nasdaq: ONCT) announced the grant of an inducement award to Edward C. Dow, who joins as Vice President, Clinical Development. This award was made on November 14, 2022, under Oncternal's 2021 Employment Inducement Incentive Award Plan, entailing options for 125,000 shares. The options have a 10-year term and will vest over four years. Oncternal Therapeutics focuses on developing novel oncology therapies targeting hematological malignancies and prostate cancer, with ongoing clinical programs, including zilovertamab for relapsed/refractory mantle cell lymphoma.

Positive

• Inducement award of 125,000 stock options to a new executive highlights company growth and talent acquisition.
• Focus on novel oncology therapies addresses critical unmet medical needs in cancer treatment.
• Active clinical programs, such as ZILO-301, may enhance treatment options for patients with relapsed/refractory mantle cell lymphoma.

Negative

• None.

SAN DIEGO, Nov. 14, 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, Edward C. Dow, who joined Oncternal as Vice President, Clinical Development.

The award was made on November 14, 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 125,000 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 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 recent employee inducement award by Oncternal Therapeutics (ONCT)?

Oncternal Therapeutics granted Edward C. Dow an inducement award of 125,000 stock options upon his joining as Vice President, Clinical Development on November 14, 2022.

What is the term and vesting schedule for the inducement award given to the new VP at Oncternal (ONCT)?

The inducement award has a 10-year term with options vesting over four years, starting with 25% on the first anniversary of employment.

What therapies is Oncternal Therapeutics (ONCT) currently developing?

Oncternal is developing novel therapies for oncology, with a focus on hematological malignancies and prostate cancer, including zilovertamab for mantle cell lymphoma.