Oncternal Therapeutics, Inc. (ONCT) announced the discontinuation of its clinical trials ONCT-534 and ONCT-808 on Thursday, alongside plans to consider strategic alternatives. following the news the shares are down 58%.
ONCT-534 is a dual-action androgen receptor inhibitor aimed at treating metastatic castration-resistant cancer, while ONCT-808 is an autologous CAR T therapy targeting ROR1 in aggressive B-cell lymphoma.
The decision comes after interim Phase 1 results for ONCT-534 showed no significant improvements in a group of 20 patients across eight dosing levels. Although ONCT-808 demonstrated certain anti-tumor effects, it raised safety concerns due to a death linked to complications.
The company stated that it would shift its focus toward maximizing shareholder value through potential asset sales, licensing agreements, or business combinations. Furthermore, during this transition, all product development will be halted, and workforce reductions will take place to conserve cash resources.
Currently, ONCT's stock is trading at $1.70, down 58.02% on the Nasdaq.
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