Oncternal Therapeutics To Discontinue Clinical Trials For ONCT-534 And ONCT-808 Due To Lack Of Clinically Meaningful Results And High Capital Requirements; Company To Explore Strategic Alternatives, Including Asset Sales, Licensing, Or Mergers While Reducing Workforce To Preserve Cash Resources
Portfolio Pulse from Benzinga Newsdesk
Oncternal Therapeutics is discontinuing clinical trials for ONCT-534 and ONCT-808 due to insufficient results and high costs. The company will explore strategic alternatives such as asset sales, licensing, or mergers, and will reduce its workforce to conserve cash.
September 12, 2024 | 1:01 pm
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Oncternal Therapeutics is halting trials for ONCT-534 and ONCT-808 due to lack of meaningful results and high costs. The company is considering strategic alternatives, including asset sales, licensing, or mergers, and is reducing its workforce to save cash.
The discontinuation of clinical trials indicates a setback in Oncternal's drug development pipeline, which is likely to negatively impact investor sentiment. The exploration of strategic alternatives and workforce reduction suggests financial strain, further contributing to potential short-term stock price decline.
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IMPORTANCE 90
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