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

Rhea-AI Summary

Oncternal Therapeutics, Inc. (Nasdaq: ONCT) announced on October 1, 2021, that it has granted equity inducement awards to new employees, including Vice President Emily Samec. The awards include options to purchase a total of 364,900 shares of common stock, with a 10-year term and an exercise price reflecting the closing stock price on the grant date. The options vest over four years, aligning with Nasdaq regulations. Oncternal focuses on innovative oncology therapies, with ongoing clinical trials for candidates like cirmtuzumab and TK216 aimed at addressing significant cancer needs.

Positive

• Appointment of experienced VP enhances operational capabilities.
• Equity awards align employee interests with shareholder value.
• Focus on novel oncology therapies addresses significant market needs.

Negative

• None.

SAN DIEGO, Oct. 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 inducement awards to Emily Samec, who joined the Company as Vice President, Operations and Project Management, and 3 new non-executive employees.

The awards were made on October 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 to Ms. Samec consists of an option to purchase 165,000 shares of Oncternal common stock, and the awards to the three non-executive employees consist of options to purchase a total of 199,900 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 employment 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 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 equity awards were granted by Oncternal Therapeutics on October 1, 2021?

Oncternal granted inducement awards totaling options to purchase 364,900 shares of common stock to new employees, including a significant award to Vice President Emily Samec.

What is the vesting schedule for the equity awards granted by Oncternal?

The options vest over four years, with 25% vesting on the first anniversary of each employee's start date, followed by equal monthly installments over the remaining three years.

How does the inducement award plan benefit Oncternal’s new employees?

The inducement award plan provides equity awards as an incentive for new employees to join Oncternal, aligning their interests with the company's long-term success.

What are the main focuses of Oncternal Therapeutics?

Oncternal Therapeutics is focused on developing novel oncology therapies for cancers with critical unmet needs, including candidates like cirmtuzumab and TK216.