Private oncology outfit Oncternal uses GTx as shell to make Nasdaq debut
Months after declaring it was exploring strategic options following the failure of its lead experimental drug in a mid-stage study involving patients with stress urinary incontinence, GTx has agreed to be the vehicle that private oncology-focused biotech Oncternal Therapeutics is using to leap onto the Nasdaq.
The new firm — to be called Oncternal Therapeutics — will trade under the symbol $ONCT, and Oncternal shareholders will hold three-fourths (75%) of the San Diego, California-based combined entity. Memphis-based GTx’s shares $GTXI shot up roughly 86% (and out of penny stock territory) to hit $1.71 in premarket trading on Thursday.
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