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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