Oncternal Therapeutics Reports Granting of an Inducement Award Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO, Feb. 22, 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 non-executive employee, Christy Stolzer, who joined the company as Associate Director, Drug Safety.
The award was made on February 22, 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 award to the Ms. Stolzer consists of options to purchase 60,000 shares of Oncternal common stock. The options have a 10-year term and an exercise price equal to $7.20 per share, the fair market value of Oncternal’s common stock on the date of grant. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of the date of grant, and the rest vesting in equal monthly installments thereafter. The award was approved by Oncternal’s independent compensation committee, as required by Nasdaq Rule 5635(c)(4), and was granted as an inducement material to Ms. Stolzer 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. 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 clinical trial for patients with Ewing sarcoma alone and in combination with vincristine chemotherapy. In addition, Oncternal has a program utilizing the cirmtuzumab antibody backbone to develop a CAR-T therapy that targets ROR1, which is currently in preclinical development as a potential treatment for hematologic cancers and solid tumors. More information is available at www.oncternal.com.