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

Onconova Therapeutics

Reports Second Quarter 2022 Financial Results and Provides Business Update

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

NEWTOWN, PA., August 11, 2022 (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 three months ended June 30, 2022, and

provided a business update.

Highlights for the second quarter of 2022 and

recent weeks include:

Management Commentary

"We saw sustained progress across our pipeline

over the past months and are well positioned to complete our current Phase 1 trials as we move through the second half of the year,"

said Steven M. Fruchtman, M.D., President and Chief Executive Officer of Onconova. "Narazaciclib continues to show a favorable safety

profile in its Phase 1 studies, which will be key to informing the design of future trials seeking to address the unmet needs posed by

the limitations of currently available CDK4/6 inhibitors. These limitations stem from issues related to safety, tolerability, and primary

and acquired drug resistance, which we believe narazaciclib's differentiated inhibitory profile may overcome. We were pleased to

publish preclinical data supporting this hypothesis at the most recent ASCO meeting and look forward to continued efforts to translate

these promising findings to the clinic."

Dr. Fruchtman continued, "Alongside narazaciclib's

advancement, we also made key progress in rigosertib's investigator-sponsored studies. This includes a Phase 2 trial evaluating

rigosertib combined with a PD-1 checkpoint inhibitor in checkpoint inhibitor refractory metastatic melanoma which is on schedule to open

for enrollment in the second half of 2022. This study seeks to leverage rigosertib's immunomodulatory effects and is supported by

initial data from the ongoing trial of rigosertib plus anti-PD-1 therapy in KRAS-mutated NSCLC. These data provided strong evidence of

the studied doublet's activity in patients who previously failed checkpoint inhibitor therapy, which is a finding we aim to build

upon with the presentation of additional data at a medical meeting later this quarter. Data has been presented, which will be updated,

demonstrating that responses seen with rigosertib in this setting are agnostic to the type of KRAS mutation present. This upcoming milestone

highlights how rigosertib's investigator-sponsored studies enable the capital efficient pursuit of value creating opportunities

to complement our lead narazaciclib program."

Second Quarter Financial Results

Cash and cash equivalents as of June 30, 2022,

were $46.5 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 for at least eighteen months.

Research and development expenses were $2.0 million

for the second quarter of 2022, compared with $1.9 million for the second quarter of 2021.

General and administrative expenses were $2.1

million for the second quarter of 2022, compared with $2.9 million for the second quarter of 2021.

Net loss for the second quarter of 2022 was $4.0

million, or $0.19 per share on 20.9 million weighted shares outstanding, compared with a net loss of $4.2 million, or $0.27 per share

for the second quarter of 2021 on 15.8 million weighted shares outstanding.

Conference Call and Webcast

Onconova will host an investment community

conference call today beginning at 4:30 p.m. Eastern Time, during which management will discuss financial results for the second quarter

of 2022, provide a business update, and answer questions. Interested parties can participate by dialing (800) 289-0571 (domestic callers)

or (856) 344-9290 (international callers) and using conference ID 3600715.

A live webcast 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.

Onconova's product candidate rigosertib

is being studied in an investigator-sponsored study program, including in a dose-escalation and expansion Phase 1/2a investigator-sponsored

study with oral rigosertib in combination with nivolumab for patients with KRAS+ non-small cell lung cancer.

For more information, please visit www.onconova.com.

Forward-Looking Statements

Some 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's expectations regarding the timing of Onconova's and investigator-initiated clinical development and data presentation

plans, and the mechanisms and indications for Onconova's product candidates. 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

Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share amounts)