Oncternal Therapeutics Faces Challenges with 37% Layoff and Clinical Trial Cessation
Oncternal Therapeutics Workforce Reduction
Oncternal Therapeutics is implementing a substantial workforce reduction of approximately 10 employees, totaling about 37% of its workforce. Effective October 1, Chief Medical Officer Salim Yazji will depart as the company explores strategic alternatives, including potential asset sales or a merger.
Discontinuation of Clinical Trials
Additionally, Oncternal is ceasing clinical trials for two oncology drugs: ONCT-534 and ONCT-808. While ONCT-534 failed to show clinically meaningful improvements, interim results from ONCT-808 indicated some anti-tumor activity.
- Interim Phase I for ONCT-534: No clinically meaningful disease improvements.
- ONCT-808 Results: A complete metabolic response lasting eight months was observed, but one severe complication resulted in a fatality.
Financial Situation and Future Plans
In an SEC filing, Oncternal reported cash reserves of $21.4 million with a substantial accumulated deficit of $214.7 million. The company anticipates ongoing net losses and the need for substantial additional financing in the coming years.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.