Onconova Therapeutics Reports Full Year 2022 Financial Results and Provides Business Update Conference call and live webcast at 4:30 p.m. ET today NEWTOWN, PA.

Onconova Therapeutics Reports Full Year 2022

Financial Results and Provides Business Update

Conference call and live webcast at 4:30 p.m. ET

March 16, 2023 (GLOBE NEWSWIRE) -- Onconova Therapeutics, Inc. (NASDAQ: ONTX), ("Onconova"), a clinical-stage

biopharmaceutical company focused on discovering and developing novel products for patients with cancer, today announced financial results

for the twelve months ended December 31, 2022, and provided a business update.

Highlights for the fourth quarter of 2022 and

recent weeks include:

Management Commentary

"We recently received IRB approval at New

York University Langone Health for our Phase 1/2a trial of narazaciclib plus letrozole in recurrent LGEEC, which is on track for an important

preliminary readout later this year," said Steven M. Fruchtman, M.D., President and Chief Executive Officer of Onconova. "Prior

preclinical data as well as single arm and randomized Phase 2 clinical data provide strong proof-of-concept for narazaciclib's mechanism

of action in LGEEC and demonstrate its potential to overcome the numerous shortcomings of the CDK 4/6 inhibitors that are currently used

off-label in combination with letrozole in this indication. We look forward to building on these datasets in our upcoming trial, which

we believe will further highlight the advantages of narazaciclib's differentiated kinase inhibitory profile."

Dr. Fruchtman continued, "Recent progress

in rigosertib's investigator-sponsored trials was highlighted by data from our RDEB-associated SCC program. With both of the program's

evaluable participants achieving a complete clinical response of all cancerous skin lesions with rigosertib monotherapy, we now intend

to engage with regulators to identify the most expeditious path to a potential approval in this ultra-orphan indication. In addition,

trials of rigosertib combined with checkpoint inhibition continue to advance, with a Phase 2 study in checkpoint-inhibitor refractory

melanoma expected to open for enrollment later this quarter and additional data from a Phase 1/2a trial in KRAS-mutated NSCLC expected

next quarter. Looking forward, we expect the continued progress of these investigator-sponsored trials to provide an important source

of value to complement our lead narazaciclib program, which remains our primary focus."

Full Year Financial Results

Cash and cash equivalents as of December 31,

2022, were $38.8 million, compared with $55.1 million as of December 31, 2021. The Company believes that its cash and cash equivalents

will be sufficient to fund ongoing clinical trials and business operations into the first quarter of 2024.

Research and development expenses were $11.4 million

for 2022, compared with $7.3 million for 2021. The increase was primarily related to the narazaciclib development program and drug manufacturing.

General and administrative expenses were $8.4

million for 2022, compared with $9.4 million for 2021. The decrease was primarily related to lower costs for our annual general meeting

than in the 2021 period.

Net loss for 2022 was $19.0 million, or $0.91

per share on 20.9 million weighted average shares outstanding, compared with a net loss of $16.2 million, or $0.96 per share for 2021

based on 16.8 million weighted average shares outstanding.

Conference Call and Webcast

Onconova will host an investment community conference

call beginning at 4:30 p.m. Eastern Time, during which management will discuss financial results for the full year 2022, provide

a business update, and answer questions. Interested parties can participate by dialing (800) 715-9871 (domestic callers) or (646) 307-1963

(international callers) and using conference ID 3097517.

of the conference call will be available in the Investors & Media section of the Company's website at www.onconova.com.

A replay of the webcast will be available on the Onconova website for 90 days following the call.

About Onconova Therapeutics, Inc.

Onconova Therapeutics is a clinical-stage biopharmaceutical

company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer

agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation.

Onconova's novel, proprietary multi-kinase

inhibitor narazaciclib (formerly ON 123300) is being evaluated in two separate and complementary Phase 1 dose escalation and expansion

studies. These trials are currently underway in the United States and China. Based on preclinical and clinical studies of CDK 4/6 inhibitors,

Onconova is also planning a combination trial of narazaciclib with estrogen blockade in advanced endometrial cancer, as well as its clinical

study in additional indications.

Onconova's product candidate rigosertib

is being studied in multiple investigator-sponsored studies, including a dose-escalation and expansion Phase 1/2a study of oral rigosertib

in combination with nivolumab in patients with KRAS+ non-small cell lung cancer, and a Phase 2 program evaluating rigosertib monotherapy

in advanced squamous cell carcinoma complicating recessive dystrophic epidermolysis bullosa (RDEB-associated SCC).

For more information,

please visit www.onconova.com.

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's expectations regarding its clinical development and trials,

its product candidates, its business and financial position. Onconova has attempted to identify forward-looking statements by terminology

including "believes," "estimates," "anticipates," "expects," "plans," "intends,"

"may," "could," "might," "will," "should," "preliminary," "encouraging,"

"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, investigator-initiated

trials and regulatory agency and institutional review board approvals of protocols, Onconova's collaborations, market conditions

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.

ONCONOVA THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

ONCONOVA THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share amounts)