ONCT - Oncternal Therapeutics ends two cancer studies stock craters ~31% after hours

2023-04-03 16:55:43 ET

• Shares of Oncternal Therapeutics ( NASDAQ: ONCT ) slumped 30.6% to $0.55 in post-market trading on Monday, after the cancer biotech ended two clinical studies in order to extend its cash runway.
• ONCT shares had been halted for trading at 1600 ET ahead of the release and resumed trading at 1630 ET.
• The company said it would end its late-stage ZILO-301 study, which was evaluating a combination of monoclonal antibody zilovertamab with inhibitor ibrutinib.
• ONCT also ended an early-to-mid stage study of the zilovertamab and ibrutinib combination.
• "The dramatic adoption of recently approved Bruton’s tyrosine kinase inhibitors made the continued development of zilovertamab with ibrutinib an unviable commercial opportunity," ONCT CEO James Breitmeyer said in a statement , adding that the decision was not based on any concerns about the safety or efficacy of zilovertamab.
• The company said the decision to end the studies resulted in extending its expected cash runway into 2025.
• "The projected cash runway will support the clinical advancement of our two pipeline assets ONCT-808 and ONCT-534," ONCT said.

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