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 new Clinical Data Manager, Samantha Carrington, on May 2, 2022. The award includes an option to purchase 20,000 shares of common stock, with a ten-year term and an exercise price based on the closing stock price on the grant date. The option vests over four years, with an initial 25% vesting after one year, followed by monthly installments. This award complies with Nasdaq's rules and aims to incentivize employees to join the company.

Positive

• Inducement award granted to attract new talent, promoting company growth.
• Equity award structure encourages long-term commitment from the new employee.

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• None.

SAN DIEGO, May 02, 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, Samantha Carrington, who joined the Company as Clinical Data Manager.

The award was made on May 2, 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 20,000 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 recent employee award was granted by Oncternal Therapeutics (ONCT)?

Oncternal Therapeutics granted an inducement award to Clinical Data Manager Samantha Carrington, including an option to purchase 20,000 shares of common stock.

What are the terms of the stock option granted to Samantha Carrington at Oncternal?

The option has a ten-year term, vests over four years, with 25% vesting on the first anniversary of employment.

What is the purpose of Oncternal's inducement award plan?

The inducement award plan aims to provide equity awards to new employees to incentivize them to join the company.

When was the inducement award to Samantha Carrington approved?

The inducement award was approved on May 2, 2022.

Does Oncternal Therapeutics have plans related to employee equity compensation?

Yes, Oncternal has an Employment Inducement Incentive Award Plan for granting equity awards to new employees.