ONCT - Oncternal deprioritizes development of ONCT-216 to focus on zilovertamab phase 3 trial

Clinical-stage biopharmaceutical company Oncternal Therapeutics (NASDAQ:ONCT) on Wednesday said it has deprioritized further development of its small molecule inhibitor ONCT-216 for the treatment of Ewing sarcoma, a rare and aggressive form of bone cancer. The Company said it has discontinued enrollment in the phase 1/2 study evaluating ONCT-216 in patients with relapsed or refractory Ewing sarcoma. Oncternal will reallocate resources to its global phase 3 study of its investigational anti-ROR1 monoclonal antibody zilovertamab for the treatment of mantle cell lymphoma. The study is expected to be initiated in Q3 2022. The asset prioritization allows the company to further sharpen its focus on hematological malignancies and prostate cancer, according to Oncternal CEO James Breitmeyer. The company also said it now expects its cash runway to fund operations well into Q3 2023. It estimated that it had $82.2M in cash and cash equivalents and no debt as of March 31, 2022. ONCT

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Oncternal deprioritizes development of ONCT-216, to focus on zilovertamab phase 3 trial