Onconova Therapeutics soars on licensing agreement after record-low session

Knight Therapeutics

21/11/2019 15:47

** Cancer drug developer's  ONTX.O  shares soar 43% to 43
cents; more than 5.58 mln shares traded, 10.6x its 25-DMA
    ** ONTX says entered licence agreement with Canada-based
drugmaker Knight Therapeutics  GUD.TO  on Wednesday 
    ** GUD receives non-exclusive licence to develop any product
containing ONTX's lead candidate rigosertib for Canada; GUD also
has option to manufacture for Israel and gets exclusive license
for commercialization (http://bit.ly/35nX2eI)
    ** Onconova eligible for payments of up to CAD 33.95 mln as
well as double-digit royalties; agreement is for 15 years from
launch, on country-by-country basis
    ** ONTX hit record-low on Wednesday after it received a
letter from Nasdaq stating it faces potential delisting based on
its losses, including Q3
    ** Co had announced intention to request panel hearing with
Nasdaq to seek extension to regain compliance (http://bit.ly/2O8GFwN)
    ** Onconova had received letter and had a panel hearing
about potential delisting in May as well (http://bit.ly/2D0LsKq)
    ** ONTX has fallen 85.7% YTD as of Wednesday's close; GUD
has fallen 1.4% over the same period

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com;))