Onconova Therapeutics Regains Compliance with Nasdaq Continued Listing Requirement
February 24 2021 - 8:00AM
Onconova Therapeutics, Inc. (NASDAQ: ONTX) (“Onconova”), a
biopharmaceutical company focused on discovering and developing
novel products for patients with cancer, announces receipt of
notification from Nasdaq that the Company has regained compliance
with the minimum bid price requirement of Nasdaq Listing Rule
5550(a)(2) because the Company’s common stock had a closing price
of at least $1.00 per share for a minimum 10 consecutive business
days. As previously reported, the Company was granted until April
5, 2021 to meet this requirement.
Steven Fruchtman, M.D., President and Chief
Executive Officer of Onconova Therapeutics, said, “We are pleased
that we have regained compliance with Nasdaq’s minimum bid
requirement for continued listing of our stock. We appreciate the
investor support and confidence we have seen recently. 2021 will
continue to be a decisive year for Onconova as ON 123300 enters the
clinic in the U.S. in a Phase 1 trial, and we are on target to
initiate this trial in patients with advanced cancer in the next
few months.”
About Onconova Therapeutics,
Inc. Onconova Therapeutics is a biopharmaceutical company
focused on discovering and developing novel products to treat
cancer. The Company has proprietary targeted anti-cancer agents
designed to disrupt specific cellular pathways that are important
for cancer cell proliferation.
Onconova’s novel, proprietary multi-kinase
inhibitor ON 123300 is planned to begin a dose-escalation and
expansion Phase 1 trial in the U.S. in the first half of 2021, and
a dose-escalation and expansion Phase 1 trial is currently underway
in China. Onconova’s product candidate oral rigosertib is currently
in a dose-escalation and expansion Phase 1 investigator-initiated
study targeting patients with KRAS+ lung adenocarcinoma in
combination with nivolumab. In addition, Onconova has commenced
preclinical work investigating rigosertib in COVID-19. For more
information, please visit www.onconova.com.
Forward-Looking StatementsSome
of the statements in this release are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995,
and involve risks and uncertainties. These statements relate to
Onconova’s expectations regarding the registered direct offering,
its patents and clinical development plans including [patient
enrollment timelines and] indications for its product candidates.
Onconova has attempted to identify forward-looking statements by
terminology including "believes," "estimates," "anticipates,"
"expects," "plans," "intends," "may," "could," "might," "will,"
"should," "approximately" or other words that convey uncertainty of
future events or outcomes. Although Onconova believes that the
expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been
materially different from the results expressed or implied by such
forward-looking statements. These statements are only predictions
and involve known and unknown risks, uncertainties, and other
factors, including the success and timing of Onconova's clinical
trials and regulatory agency and institutional review board
approvals of protocols, Onconova’s ability to continue as a going
concern, the need for additional financing, Onconova’s
collaborations, market conditions and those discussed under the
heading "Risk Factors" in Onconova's most recent Annual Report on
Form 10-K and quarterly reports on Form 10-Q. Any forward-looking
statements contained in this release speak only as of its date.
Onconova undertakes no obligation to update any forward-looking
statements contained in this release to reflect events or
circumstances occurring after its date or to reflect the occurrence
of unanticipated events.
Company Contact:Avi
OlerOnconova Therapeutics, Inc.267-759-3680
ir@onconova.ushttps://www.onconova.com/contact/
Investor Contact:LHA Investor
Relations Kim Sutton Golodetz212-838-3777kgolodetz@lhai.com
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