By Sabela Ojea
Oncternal Therapeutics said it is reducing its workforce as it discontinues all product development while it goes through a strategic business review.
The clinical-stage oncology company on Thursday said that it will cut its workforce by 37%, equal to about 10 employees, to reduce its operating expenses. The move was unanimously approved by the board of directors a day earlier.
The company, which expects to book termination costs of about $1 million, said the decision comes after the results of ONCT-534 and ONCT-808 didn't show meaningful improvements or anti-tumor activity, respectively.
Oncternal Therapeutics is terminating these studies and will focus on exploring strategic alternatives including asset sales, licensing or other strategic transactions, and a merger, reverse merger or acquisition.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
September 12, 2024 18:14 ET (22:14 GMT)
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