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 Ariadne Jerue as the new Associate Director of Clinical Operations. This award, consisting of options to purchase 28,400 shares, follows Oncternal’s 2021 Employment Inducement Incentive Award Plan. The options will vest over four years, with an exercise price based on the stock’s closing price at the grant date. The award aims to attract new talent in the competitive biopharmaceutical sector.

Positive

• Inducement award granted to attract new talent.
• Options to purchase 28,400 shares enhance employee engagement.

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• None.

SAN DIEGO, Oct. 03, 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, Ariadne Jerue, who joined Oncternal as Associate Director, Clinical Operations.

The award was made on October 3, 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 28,400 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). 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 early-stage 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 inducement award announced by Oncternal Therapeutics?

Oncternal Therapeutics granted an inducement award of options to purchase 28,400 shares to Ariadne Jerue, new Associate Director of Clinical Operations.

When was the inducement award granted to the new employee at Oncternal?

The inducement award was granted on October 3, 2022.

What is the purpose of Oncternal's 2021 Employment Inducement Incentive Award Plan?

The plan aims to provide equity awards to new employees as an inducement to join the company.

How does the stock option vesting work for the award granted to Ariadne Jerue?

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