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

Rhea-AI Summary

Oncternal Therapeutics (Nasdaq: ONCT) announced the granting of an inducement award to Susette Gorak as Senior Manager, Regulatory Affairs, effective March 1, 2022. This award includes an option to purchase 12,500 shares of ONCT common stock, vesting over four years. The grant complies with Nasdaq regulations and aims to attract talent to the company, which focuses on novel oncology therapies addressing critical unmet needs. Key developments include ongoing clinical trials for its drug candidates, including rivovertamab and ONCT-534, targeting various cancers.

Positive

• Inducement award of 12,500 stock options to a new key hire.
• Compliance with Nasdaq regulations, showcasing good corporate governance.
• Focus on novel oncology therapies with clinical trials targeting significant cancer types.

Negative

• None.

SAN DIEGO, March 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, Susette Gorak, who joined the Company as Senior Manager, Regulatory Affairs.

The award was made on March 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 12,500 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 Ms. Gorak’s employment 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 Ms. Gorak 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 zilovertamab, 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 early-stage pipeline includes ONCT-534, a dual-action androgen receptor inhibitor, that is in pre-clinical development as a potential treatment for castration resistant prostate cancer and other androgen-receptor dependent diseases. The clinical pipeline also includes ONCT-216, 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.

Contact Information:

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

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

FAQ

What is the purpose of the inducement award granted by Oncternal Therapeutics?

The inducement award aims to attract talent to Oncternal by providing equity awards to new employees.

How many shares were granted to Susette Gorak in the inducement award?

Susette Gorak was granted an option to purchase 12,500 shares of Oncternal common stock.

What are some of the clinical focuses of Oncternal Therapeutics?

Oncternal focuses on developing therapies for cancers like mantle cell lymphoma, chronic lymphocytic leukemia, and breast cancer.

What does the vesting schedule for the stock options look like?

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

Is the inducement award compliant with Nasdaq regulations?

Yes, the award complies with Nasdaq Rule 5635(c)(4) regarding inducement awards to new employees.