Onconova Appoints Ajay Bansal as Chief Financial Officer

  Onconova Appoints Ajay Bansal as Chief Financial Officer

Business Wire

NEWTOWN, Pa. & PENNINGTON, N.J. -- April 02, 2013

Onconova Therapeutics, Inc., a pharmaceutical company focused on the discovery
and development of novel small molecule drugs for the treatment of cancer,
today announced the appointment of Ajay Bansal as Chief Financial Officer. Mr.
Bansal has over 25 years of life sciences industry experience and most
recently served as Chief Financial Officer at Complete Genomics.

“I am delighted to welcome Ajay to Onconova,” said Ramesh Kumar, Onconova’s
Chief Executive Officer. “Ajay brings leadership experience relevant to all
key aspects of Onconova’s corporate development, including financing,
strategic planning, licensing, sales and marketing, and pricing. He will be an
extremely valuable addition to the Onconova executive team as we transition to
the later stages of development of rigosertib, our lead product candidate. I
look forward to his contributions as we execute our business plan in 2013 and
beyond.”

“I am excited to join Onconova at this important period in the Company’s
development,” commented Mr. Bansal. “The Phase 3 study of rigosertib in
patients with myelodysplastic syndromes is approaching full enrollment, and we
are also advancing rigosertib in other indications. The potential benefit of
rigosertib for the treatment of patients with both solid and hematological
malignancies presents a significant opportunity, and I look forward to helping
the Company meet its objectives for this compound and the rest of the
pipeline.”

Mr. Bansal is a biotechnology and pharmaceutical industry veteran with
leadership experience spanning the areas of finance, hedge fund management,
equity research, mergers and acquisitions, post-merger integration, strategic
planning, licensing, sales and marketing, pricing, and pharmacoeconomics.
Before joining Onconova, Mr. Bansal served as CFO of Complete Genomics, a
publicly-traded life science company. In this role he successfully raised $130
million. Complete Genomics was recently acquired by BGI. Prior to Complete
Genomics, Mr. Bansal served as the CFO and EVP, Corporate and Business
Development, at both Lexicon Therapeutics and Tercica, Inc. Tercica was
acquired by Ipsen in 2008. He also served as the CFO of Nektar Therapeutics
from 2003-2006. As the CFO of Nektar he successfully raised over $650 million.

Before his experiences as a biotechnology executive, he was a partner at Mehta
Partners, LLC. In this role, Mr. Bansal provided strategic advisory services
to the firm’s biotechnology and pharmaceutical clients. He also helped manage
the firm’s investment business and coordinated its research efforts, focusing
on mid-size and large biopharma companies. Earlier in his career, Mr. Bansal
worked in strategy and marketing for Novartis Pharmaceuticals and held
positions with leading consulting firms, such as McKinsey & Company. He
received master’s degrees in both management and operations research from
Northwestern University.

About Onconova Therapeutics, Inc.

Onconova Therapeutics is a development-stage pharmaceutical company focused on
discovering and developing novel small molecule drug products to treat cancer.
Using a proprietary chemistry platform, Onconova has created an extensive
library of targeted anti-cancer agents designed to work against specific
molecular and cellular pathways that promote cancer. The Company’s drug
candidates have the potential to address a wide variety of cancers while
causing minimal damage to normal cells. The Onconova development pipeline
consists of three internally-derived clinical-stage product candidates and six
well differentiated preclinical programs. The Company’s most advanced product
candidate, rigosertib, is currently being evaluated in a Phase 3 trial in
patients with higher-risk myelodysplastic syndromes (MDS) under a Special
Protocol Assessment (SPA) from the U.S. Food and Drug Administration (FDA), as
well as in a Phase 3 trial for metastatic pancreatic cancer. In addition, an
oral formulation of rigosertib is being evaluated in two Phase 2 studies in
lower-risk MDS patients and in a Phase 2 study in head and neck cancer. For
more information, please visit http://www.onconova.com.

Contact:

Onconova Therapeutics
Benjamin Hoffman, 267-759-3680
bhoffman@onconova.us
or
Media:
MacDougall Biomedical Communications
Michaela Parnell, 781-235-3060
mparnell@macbiocom.com
 
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