Oncternal Therapeutics Ends Development Activities, Mulls Options

Dow Jones

Sep 12, 2024

By Colin Kellaher

Oncternal Therapeutics is ending development activities and exploring strategic alternatives following the failure of its prostate cancer drug candidate in an early-stage study.

Oncternal on Thursday said early results during dose escalation in Phase 1/2 studies of ONCT-534 showed no clinically meaningful improvements against the disease.

The San Diego company said it will focus on exploring options to maximize value for its shareholders, including a potential sale of the company or its assets, and that it will reduce its workforce as part of efforts to preserve cash resources.

Oncternal, which has a market capitalization of around $12.3 million, reported $27 million in cash, equivalents and short-term investments as of March 31.

Trading in shares of Oncternal was halted premarket on Thursday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 12, 2024 09:22 ET (13:22 GMT)

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