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

Rhea-AI Summary

Oncternal Therapeutics, Inc. (Nasdaq: ONCT) announced the grant of inducement awards to two new non-executive employees on May 3, 2021. Under the 2021 Employment Inducement Incentive Award Plan, the company issued options to purchase 219,400 shares at the closing price on the grant date. These options have a 10-year term and vest over four years. The awards comply with Nasdaq rules and aim to attract talent critical to Oncternal's oncology therapy development.

Positive

• Inducement awards granted for 219,400 shares, aligning employee interests with company performance.
• Compliance with Nasdaq rules reflects good governance practices.

Negative

• None.

SAN DIEGO, May 03, 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 two new non-executive employees.

The awards were made on May 3, 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 inducement awards consist of options to purchase 219,400 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 May 3, 2021. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of each 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 new 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 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. We are 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:

Company Contact
Richard Vincent
858-434-1113
rvincent@oncternal.com

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

Source: Oncternal Therapeutics, Inc.

 

FAQ

What inducement awards were granted by Oncternal Therapeutics on May 3, 2021?

On May 3, 2021, Oncternal Therapeutics granted inducement awards consisting of options to purchase 219,400 shares of common stock.

How do the inducement awards vest for Oncternal's new employees?

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

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

The exercise price for the options is equal to the closing price of Oncternal's common stock on May 3, 2021.

What is the term of the options granted by Oncternal Therapeutics?

The options granted have a 10-year term.

Why did Oncternal Therapeutics provide these inducement awards?

The awards were granted to incentivize two new non-executive employees to join the company, aligning their interests with the company's growth.