Oncternal hits record low on plans to scrap studies, explore strategic alternatives;

Oncternal Therapeutics

12/09/2024 15:14

** Shares of cancer therapy developer Oncternal Therapeutics
 ONCT.O  hit record low, last down 59.32% at $1.69
    ** Co says it will discontinue its trials studying its
experimental cancer therapies ONCT-534 and ONCT-808 and will
explore strategic alternatives
    ** In early stage trial, ONCT-534, which is being studied in
patients with metastatic castration resistant cancer, did not
show clinically meaningful improvements of disease
     ** There was one death related to complications of shock at
the highest dose tested with ONCT-808
    ** While the strategic exploration is ongoing, co will
discontinue all product development activities and will take
other steps to reduce costs, including a workforce reduction to
preserve cash resources
    ** Stock down 85% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))