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

Rhea-AI Summary

Oncternal Therapeutics (Nasdaq: ONCT) announced the grant of inducement awards to two new non-executive employees on January 3, 2023. Under the 2021 Employment Inducement Incentive Award Plan, the awards consist of options to purchase 79,500 shares of common stock, with a 10-year term and an exercise price aligned with the closing stock price on the grant date. These options vest over four years, incentivizing employee retention and aligning their interests with shareholders. The awards comply with Nasdaq rules, enhancing the company's recruitment strategy in the competitive biopharmaceutical sector.

Positive

• Inducement awards granted to new employees align their interests with shareholders.
• The company follows Nasdaq rules, enhancing compliance credibility.

Negative

• None.

SAN DIEGO, Jan. 03, 2023 (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 inducement awards to two new non-executive employees.

The awards were made on January 3, 2023 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 awards consist of options to purchase a total of 79,500 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 shares subject to the options vesting on the first anniversary of each new employee’s start date, and the rest vesting in equal monthly installments over three years thereafter. The awards were approved by Oncternal’s compensation committee, comprised entirely of independent directors, as required by Nasdaq Rule 5635(c)(4), and were granted as an inducement material to the employees 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) (NCT03088878). 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 preclinical 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 inducement awards did Oncternal Therapeutics grant on January 3, 2023?

On January 3, 2023, Oncternal Therapeutics granted inducement awards consisting of options to purchase 79,500 shares of common stock to two new employees.

What is the exercise price for the stock options granted by Oncternal?

The exercise price for the stock options is equal to the closing price of Oncternal's common stock on the date of grant.

How do the stock options for Oncternal's new employees vest?

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

What is the purpose of Oncternal's inducement awards?

The inducement awards are designed to incentivize new employees to join Oncternal and align their interests with those of the company's shareholders.

Is Oncternal Therapeutics complying with Nasdaq regulations?

Yes, the inducement awards were approved by Oncternal's independent compensation committee in compliance with Nasdaq Rule 5635(c)(4).