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 new Clinical Trial Manager Carina Freedman on December 1, 2021. The award includes an option to purchase 34,100 shares of common stock, with a 10-year term and an exercise price equal to the stock's closing price on the grant date. The shares will vest over four years, reflecting a strategy to attract talent under Nasdaq regulations.

Positive

• Inducement award aligns with strategic hiring to support clinical development.
• Equity awards may enhance employee retention and motivation.

Negative

• None.

SAN DIEGO, Dec. 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, Carina Freedman, who joined the Company as Clinical Trial Manager.

The award was made on December 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 Ms. Freedman’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. Freedman 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 (formerly 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 1b/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 zilovertamab in combination with venetoclax, a Bcl-2 inhibitor, in patients with relapsed/refractory CLL. 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 clinical pipeline also includes ONCT-216 (formerly 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. The early-stage pipeline also includes ONCT-534 (formerly GTX-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. 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 inducement award announced by Oncternal Therapeutics on December 1, 2021?

Oncternal granted an inducement award to Carina Freedman, which includes an option to purchase 34,100 shares of common stock, vesting over four years.

How does the inducement award impact Oncternal's stock?

The inducement award may impact stock by aligning employee interests with shareholders through equity participation.

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

The plan is designed to grant equity awards to new employees as an incentive to join the company, helping to attract and retain talent.

Who approved the inducement award at Oncternal Therapeutics?

The inducement award was approved by Oncternal's compensation committee, which comprises entirely independent directors.