$ONCT reports positive financials & updates on oncology drug development
Mar 9th 2023, 9:06 pm
Analyst Summary: Oncternal Therapeutics has provided a business update and reported Q4 and full year 2022 financial results. The company received helpful FDA pre-IND comments for ONCT-534, its novel dual-action androgen receptor inhibitor, which is expected to reach IND by mid-2023. An autologous CAR-T program, ONCT-808, targeting ROR1-expressing hematologic malignancies, is initiated with initial clinical data expected in late 2023. As of December 31, 2022, the company had approximately $63.7 million in cash, cash equivalents and short-term investments. The funds are believed to be sufficient to fund the company's operations into Q1 2024. CEO, James Breitmeyer, M.D., Ph.D., stated, "2022 was an important year for Oncternal. The data presented at ASH 2022 further validated the rationale for our Phase 3 study for patients with MCL, and also strengthened our belief that zilovertamab may provide a new treatment option for patients with CLL with 17p deletion or TP53 mutations, which is a substantial and highly underserved group of patients." Mr. Breitmeyer also mentioned that the company looks forward to a catalyst-rich year ahead while continuing to exercise prudent cash management. Oncternal Therapeutics is a clinical-stage biopharmaceutical company that focuses on the development of novel oncology therapies for cancers with critical unmet medical needs. The company pursues drug development targeting promising, untapped biological pathways implicated in cancer generation or progression, focusing on hematological malignancies and prostate cancer. The company cautions investors that statements included in this press release that are not a description of historical facts are forward-looking statements.