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.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER