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

Rhea-AI Summary

Oncternal Therapeutics announced an inducement award to new Clinical Trial Manager Mohab Hassanin on November 1, 2021. The award includes an option to purchase 34,100 shares of common stock, vesting over four years. This grant aligns with the company’s 2021 Employment Inducement Incentive Award Plan and complies with Nasdaq rules. The company focuses on innovative oncology therapies addressing critical needs, including cirmtuzumab in trials for mantle cell lymphoma and breast cancer, and TK216 for Ewing sarcoma.

Positive

• Inducement award for new Clinical Trial Manager enhances human resources.
• Option to purchase 34,100 shares may attract and retain talent.
• Focus on clinical-stage therapies addresses significant oncology needs.

Negative

• None.

SAN DIEGO, Nov. 01, 2021 (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, Mohab Hassanin, who joined the Company as Clinical Trial Manager.

The award was made on November 1, 2021 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 34,100 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 Mr. Hassanin’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 Mr. Hassanin 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 cirmtuzumab, 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 clinical pipeline also includes TK216, 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 recent employee award announced by Oncternal Therapeutics?

Oncternal Therapeutics granted an inducement award to Clinical Trial Manager Mohab Hassanin, allowing him to purchase 34,100 shares of common stock.

How does the inducement award for Mohab Hassanin benefit Oncternal?

The award helps attract and retain skilled personnel, supporting Oncternal's focus on oncology therapies.

What is the vesting schedule for the new employee's stock option?

The stock option vests over four years, with 25% vesting on the first anniversary and the rest monthly thereafter.

What is Oncternal Therapeutics focused on developing?

Oncternal Therapeutics develops novel oncology therapies for critical unmet medical needs in cancer treatment.

What clinical trials is Oncternal currently conducting?

Oncternal is evaluating cirmtuzumab in multiple trials for mantle cell lymphoma, chronic lymphocytic leukemia, and breast cancer.