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

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Oncternal Therapeutics, Inc. (Nasdaq: ONCT) announces approval of an inducement award for new employee Rebecca Nolan-Olson, consisting of an option to purchase 19,500 shares of Oncternal common stock under the 2021 Employment Inducement Incentive Award Plan.

SAN DIEGO, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Oncternal Therapeutics, Inc. (Nasdaq: ONCT), a clinical-stage biopharmaceutical company focused on the development of novel oncology therapies, today announced the approval of an inducement award to one new employee, Rebecca Nolan-Olson, who is joining Oncternal as Safety Manager.

The award will be made on January 2, 2024 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 will consist of an option to purchase 19,500 shares of Oncternal common stock. The option will 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 option will vest over a four-year period, with 25% of the shares subject to the option vesting on the first anniversary of the employee’s 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 will be granted as an inducement material to the employee 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. ONCT-534 is an investigational dual-action androgen receptor inhibitor (DAARI) with preclinical activity in prostate cancer models against both unmutated androgen receptor (AR), and against multiple forms of AR aberration. It is a potential treatment for patients with mCRPC with unmet medical need because of resistance to androgen receptor inhibitors, including those with AR amplification, mutations in the AR ligand binding domain (LBD), or splice variants with loss of the AR LBD. Oncternal has initiated Study ONCT-534-101 (NCT05917470), which is open and enrolling patients for treatment with mCRPC. ONCT-808 is an investigational autologous chimeric antigen receptor T (CAR T) cell therapy that targets Receptor Tyrosine Kinase-Like Orphan Receptor 1 (ROR1) using the binding domain from zilovertamab. ONCT-808 has demonstrated activity in preclinical models against multiple hematological malignancies and solid tumors and has been shown to be specific for cancer cells expressing ROR1. Oncternal has developed a robust and reproducible manufacturing process that has the potential to reduce the time patients must wait for their individual CAR T therapy to be produced, compared with currently approved CAR T products. Oncternal has dosed patients under Study ONCT-808-101 (NCT05588440) with relapsed or refractory aggressive B-cell lymphoma, including patients who have failed previous CD19 CAR T treatment. Zilovertamab is an investigational monoclonal antibody designed to inhibit the function of ROR1. Zilovertamab has been evaluated in a Phase 1/2 Study CIRM-0001 (NCT03088878) in combination with ibrutinib for the treatment of patients with mantle cell lymphoma (MCL), chronic lymphocytic leukemia (CLL) and marginal zone lymphoma (MZL), which resulted in 100% progression free survival (PFS) at 42 months in CLL patients expressing a p53 mutation/del(17p), a population underserved by current treatment options. Zilovertamab is also being evaluated in an investigator-initiated Phase 1b study of zilovertamab in combination with docetaxel in patients with metastatic castration-resistant prostate cancer (NCT05156905). More information on our company and programs 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

What did Oncternal Therapeutics announce?

Oncternal Therapeutics, Inc. (Nasdaq: ONCT) announced the approval of an inducement award to new employee Rebecca Nolan-Olson, consisting of an option to purchase 19,500 shares of Oncternal common stock.

Who is the new employee joining Oncternal?

Rebecca Nolan-Olson is joining Oncternal as Safety Manager.

What is the 2021 Employment Inducement Incentive Award Plan?

The 2021 Employment Inducement Incentive Award Plan provides for the granting of equity awards to new employees of Oncternal as an inducement to join the Company.

How many shares are included in the inducement award?

The inducement award consists of an option to purchase 19,500 shares of Oncternal common stock.

What is the vesting period for the option?

The option will vest over a four-year period, with 25% of the shares vesting on the first anniversary of the employee’s start date, and the rest vesting in equal monthly installments over three years thereafter.