Oncternal Therapeutics Ends Development Activities, Mulls Options

Dow Jones

2024-09-12

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)

Copyright (c) 2024 Dow Jones & Company, Inc.

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