Onconova Therapeutics Announces Election of James J. Marino, JD, MBA as Chairman of the Board of Directors
August 31 2020 - 7:00AM
Onconova Therapeutics, Inc. (NASDAQ: ONTX) a biopharmaceutical
company focused on discovering and developing novel products to
treat cancer, today announced the election of James J. Marino, JD,
MBA as Chairman of the Board of Directors. Mr. Marino brings more
than three decades of experience advising numerous leading life
science companies in connection with corporate transactions and
strategic alliances.
Mr. Marino has served as a Director of Onconova
since July 2015, a Director of Celldex Therapeutics, Inc. since
March 2017, and previously as a Director of Pharmacopeia, Inc. Mr.
Marino served on the Board of Trustees of Wake Forest University
and its renowned Medical Center, and previously served on the Board
of Trustees of Robert Wood Johnson University Hospital. He is a
co-founder of BioNJ, a trade association of biotechnology
companies. Mr. Marino was a partner with the global law firm of
Dechert LLP for 28 years, where he served as Managing Partner of
the Princeton, N.J. office, and focused on the representation of
leading life sciences companies in a broad range of corporate
transactions including innovative strategic alliances,
joint-ventures and spin-offs.
“We look forward to the guidance that Jim and
our Board will provide as we advance our development plans
for oral rigosertib and ON 123300 in solid tumors and investigate
broader potential for our compounds in additional indications,”
said Steven M. Fruchtman, M.D., President and Chief Executive
Officer. “Jim has been a tremendous and steadfast resource to
Onconova, and we are most fortunate he is leading our Board at this
important time for the Company.”
“I am honored by the appointment as Chairperson
of the Board of Directors and dedicated to the success of a new
Onconova as we refocus our development efforts on a promising
portfolio of drug candidates and creatively pursue our strategic
opportunities,” said James Marino. “I look forward to working
together with our Board of Directors as the Company executes on our
plans to build shareholder value and to advance new therapies to
patients in need.”
The Company also today announced the
resignations of Michael Hoffman and E. Premkumar (Prem) Reddy,
Ph.D., from its Board of Directors. “As Onconova progresses toward
its next phase, we would like to recognize and thank Mr. Hoffman
for his stewardship and innumerable contributions to Onconova and
the research and development we have conducted to help patients
with cancer,” said Dr. Fruchtman. “Dr. Reddy’s work in establishing
the importance of targeting the RAS gene and its protein in
structural & chemical biology research, and the compounds
created in his discovery lab remain the company’s key pipeline
assets. The combined efforts of Mr. Hoffman and Dr. Reddy have
helped create a strong foundation for Onconova.”
“I believe Onconova remains well-positioned with
its current pipeline assets, and we are proud to have contributed
to the Company’s development,” said Michael Hoffman. “I am
confident the Onconova team will bring success to the Company’s
investors and novel therapies to patients in need.”
About Onconova Therapeutics,
Inc.Onconova Therapeutics is a biopharmaceutical company
focused on discovering and developing novel products to treat
cancer. Using a proprietary chemistry platform, the Company has
created a pipeline of targeted anti-cancer agents designed to
disrupt specific cellular pathways that are important for cancer
cell proliferation. Onconova’s RAS pathway inhibitor, oral
rigosertib, is currently in a Phase 1/2 investigator-initiated
study (IIS) targeting patients with KRAS+ lung adenocarcinoma in
combination with nivolumab. Preclinical work with rigosertib in
COVID-19 is underway as well. Onconova is in preclinical
development with its novel, proprietary, CDK4/6 + ARK5 inhibitor,
ON 123300.
For more information, please visit
https://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 expectations regarding its clinical development plans and
patents. 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 approval of protocols,
Onconova’s ability to continue as a going concern, the need for
additional financing, our collaborations including the effective
termination of the HanX license and securities purchase agreements
and plans for partnering certain territories, 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.
Press release contact
information
Company Contact:
Avi OlerOnconova Therapeutics, Inc.267-759-3680
ir@onconova.ushttps://www.onconova.com/contact/
MediaDavid Schull, Russo Partners LLC: (212)
845-4271Nic Johnson, Russo Partners LLC: (212) 845-4242
InvestorsJan Medina, CFA, Russo Partners LLC:
(646) 942-5632
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