11:13 AM EDT, 09/12/2024 (MT Newswires) -- Oncternal Therapeutics' ( ONCT ) shares sank 58% in recent Thursday trading after the company said it has decided to discontinue its clinical studies and explore strategic alternatives.

The company also said it will discontinue all product development activities, lay off some staff, and implement other cost-cutting measures while exploring alternatives, which may include asset sales or mergers.

Oncternal said early data from a phase 1 trial of ONCT-534 for metastatic prostate cancer showed no significant disease improvements while interim phase 1 results for ONCT-808 for B-cell lymphoma included expected side effects and one death from shock at the highest dose.

Price: 1.70, Change: -2.35, Percent Change: -58.02