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

Rhea-AI Summary

Oncternal Therapeutics, Inc. (Nasdaq: ONCT) announced an inducement award to Christopher Markey, its new Director of Program and Alliance Management, on June 1, 2021. This award consists of options to purchase 85,000 shares of common stock, having a 10-year term and an exercise price aligned with the closing stock price on the grant date. The options will vest over four years. This compensation was approved by the compensation committee, adhering to Nasdaq regulations, as an incentive for Markey to join the company.

Positive

• Granting of 85,000 options to new Director Christopher Markey.
• Options vest over a structured four-year period, encouraging long-term commitment.

Negative

• None.

SAN DIEGO, June 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, Christopher Markey, who joined the company as Director, Program and Alliance Management.

The award was made on June 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 options to purchase 85,000 shares of Oncternal common stock. The options have a 10-year term and an exercise price equal to the closing price of Oncternal’s common stock on the date of grant. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of Mr. Markey’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. Markey 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.

Oncternal Contacts:

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

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

FAQ

What is the inducement award announced by Oncternal Therapeutics on June 1, 2021?

On June 1, 2021, Oncternal Therapeutics announced an inducement award of options to purchase 85,000 shares of common stock to new employee Christopher Markey.

Who is Christopher Markey in relation to Oncternal Therapeutics?

Christopher Markey is the new Director of Program and Alliance Management at Oncternal Therapeutics.

What are the vesting terms for the options granted to Christopher Markey?

The options granted to Christopher Markey vest over a four-year period, with 25% vesting after the first year and the remainder vesting in equal monthly installments over the next three years.

How long is the term for the options granted to Christopher Markey?

The options granted to Christopher Markey have a 10-year term.