Onco-Innovations names new medical officer and R&D chief

Onco-Innovations Limited (CBOE CA: ONCO) appointed Dr. Islam Mohamed as chief medical officer and Stephen M. Novak as chief of research and development as the company prepares to advance its lead product candidate ONC010 toward human studies.

Dr. Mohamed will oversee clinical strategy, protocol design and regulatory engagement for the company's PNKP Inhibitor Technology program. Novak brings over 25 years of executive leadership experience in biotechnology and clinical development and will lead end-to-end development operations including chemistry, manufacturing and controls.

The Vancouver-based oncology company said the appointments come as it transitions from preclinical development to clinical-stage execution. Novak will coordinate execution with development partners including Dalton Pharma Services, Nucro-Technics and Avance Clinical.

"We are entering a defining phase in the evolution of Onco-Innovations as we move toward clinical development," said Thomas O'Shaughnessy, chief executive officer.

The company also announced its board approved issuing 1.36 million restricted share units to directors, officers, consultants and service providers. The grants include 450,000 RSUs for directors and officers, with 910,000 RSUs for non-insider consultants and service providers. The RSUs vest over periods ranging from four to 12 months.

Onco-Innovations noted its preliminary base shelf prospectus filed in February remains under review by the Alberta Securities Commission as part of a continuous disclosure review.

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