Here comes name change announcement from Oncothyreon Inc (USA) (NASDAQ:ONTY), which released an official press release to notify its stakeholders. The company’s name will change to Cascadian Therapeutics, Inc., whereas, its NASDAQ Ticker Symbol “CASC” will become effective from today onwards.
To mark transition
The company explained the logic for its name change, which is aimed to reflect better its growing focus towards developing advanced therapies for cancer treatment. Cascadian’s current lead product is ONT-380, which is developed as a combination drug to treat HER2+ advanced or breast cancer.
Scott Myers, Cascadian’s President and CEO, said in the press release that name change is implemented to highlight the transformation happening within the organisation and make its vision more clear for the future. As a part of the name change, the company has incorporated image of the Cascade Mountains, which reflects its transition from therapeutic vaccines to more advanced treatments.
Details on trials to follow
The company has also named its Phase 2, placebo-controlled trial as HER2CLIMB in order to connect with its mission’s spirit, which is to enhance the outcomes in this disease. Cascadian will provide further details of the program at its R&D day, which is scheduled this month. Meanwhile, the company will offer an updated data from ongoing Triplet Phase 1b trial during an event on June 14, 2016. Alongside this, Cascadian said that it would also share its future product development plans around ONT-380 during the event.
Cascadian also made it clear that the name change will not impact stockholders in any way, and they are not required to take any action as far as their holdings are concerned. It also added that outstanding stock certificates will not be affected by this decision and will not be required to be exchanged. Stock price of Cascadian jumped 1.68% to $1.21 during the last session, which marks its last trading day as Oncothyreon.