Onconova Therapeutics Reports Third Quarter 2020 Financial Results and Provides Business Update ON 123300, our proprietary multi-kinase inhibitor, enters into the clinic for advanced solid tumors Investigator-initiated s

Onconova Therapeutics Reports Third Quarter

2020 Financial Results and Provides Business Update

Conference call begins at 4:30 p.m. ET

NEWTOWN, Pa., November 12, 2020 (GLOBE

NEWSWIRE) - Onconova Therapeutics, Inc. (NASDAQ: ONTX), a biopharmaceutical company focused on discovering and developing

novel products to treat cancer, today reported financial results for the quarter ended September 30, 2020 and provided a business

Management commentary

"During the third quarter, our product

pipeline advanced while we pursued various licensing opportunities. We are particularly pleased that ON 123300, our proprietary,

differentiated, first-in-class multi-kinase inhibitor, entered the clinic with HanX Biopharmaceuticals, our partner in China,"

said Steven M. Fruchtman, M.D., President and Chief Executive Officer of Onconova. "The HanX Phase 1 dose-escalation study

has enrolled three patients to date, and is expected to continue to enroll patients with advanced relapsed/refractory cancer at

two sites until the recommended Phase 2 dose is identified.

"In parallel, we are preparing to

file an Investigational New Drug application (IND) with the U.S. Food and Drug Administration by the end of this year, with patient

enrollment expected to begin in the first quarter of 2021. We expect that our Phase 1 dose-escalation and dose-expansion study

in the U.S. will differ from the HanX study in dose regimens and treatment cycles, and believe that data from these two studies

will generate important information to inform anticipated later-stage studies. Our plan is to enroll patients with a variety of

advanced solid tumors including an initial focus on HR+ HER2- postmenopausal metastatic breast cancer patients with resistance

to approved second-generation CDK 4/6 inhibitors, as well as patients diagnosed with advanced non-Hodgkin's lymphoma based

on efficacy data from our preclinical models. We believe that, with its novel mechanism of action targeting both CDK4/6 and ARK5,

ON 123300 presents an innovative approach for potentially treating HR+ HER2- metastatic breast cancer that is or has become resistant

to the commercial CDK4/6 inhibitors, and potentially other cancers including mantle cell lymphoma, multiple myeloma, advanced colorectal

cancer, advanced hepatocellular carcinoma, and inoperable glioblastoma."

"Important investigator-initiated

studies are also underway or planned with oral rigosertib," added Richard Woodman, M.D, Chief Medical Officer. "We

are currently supporting a Phase 1 dose-escalation study at a leading medical center in New York City exploring the use of rigosertib

in combination with the PD-1 inhibitor nivolumabin progressive K-RAS mutated non-small cell lung cancer (NSCLC). That study has

enrolled five patients to date, and is designed to identify the recommended Phase 2 dose of the combination for future studies.

Results are expected in 2021. In addition, an investigator-initiated phase 1b/2 study with rigosertib monotherapy in advanced squamous

cell carcinoma associated with recessive dystrophic epidermolysis bullosa has opened, with first-patient-in expected 2021. Additional

investigator-initiated preclinical studies with rigosertib are under consideration."

"Our focus is on advancing our pipeline,

and while we believe ON 123300 and oral rigosertib have excellent prospects, we are also engaged in licensing discussions, both

for geographic rights to certain of our assets, and evaluating the potential to in-license additional compounds to expand our product

portfolio," Dr. Fruchtman concluded.

quarter financial results

Cash and cash equivalents as of September

30, 2020 were $24.2 million, compared with $22.7 million as of December 31, 2019. The Company expects that its cash and cash equivalents

will be sufficient to fund ongoing clinical trials and business operations into the first quarter of 2022. During the third quarter

of 2020, the Company received $2.7 million from the exercise of warrants.

Research and development expenses were

$4.2 million for the third quarter of 2020, compared with $3.5 million for the third quarter of 2019. The increase was primarily

related to higher consulting fees and manufacturing costs related to clinical supply for ON 123300, partially offset by lower expenses

for the oral rigosertib combination program and the Phase 3 INSPIRE study.

General and administrative expenses were

$2.1 million for the third quarter of 2020, compared with $1.6 million for the third quarter of 2019. The increase was due to higher

pre-commercialization, insurance, and corporate legal and stockholder meeting expenses.

Net loss for the third quarter of 2020

was $6.2 million, compared with $4.6 million for the comparable prior-year quarter.

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 2020

third quarter, provide a business update and answer questions. Interested parties can participate by dialing (855) 428-5741 (domestic

callers) or (210) 229-8823 (international callers) and using conference ID 8687160.

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 biopharmaceutical

company focused on discovering and developing novel products to treat 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 ON 123300 is currently in a dose-escalation and expansion Phase 1 trial in China, and the IND filing in the U.S. is

anticipated in the fourth quarter of 2020. Onconova's product candidate, oral rigosertib, is currently in a dose-escalation

and expansion Phase 1 investigator-initiated study targeting patients with KRAS+ lung adenocarcinoma in combination with nivolumab.

Preclinical work with rigosertib in COVID-19 is ongoing as well. We do not anticipate conducting clinical trials with rigosertib

in COVID-19 without securing additional funding. For more information, please visit https://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 expectations regarding its clinical development plans and patents. Onconova has attempted to

identify forward-looking statements by terminology including "believes," "estimates," "anticipates,"

"expects," "plans," "intends," "may," "could," "might," "will,"

"should," "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 and regulatory approval of protocols, Onconova's ability to continue as a going concern, the need

for additional financing, our collaborations, 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.

LHA Investor Relations

ONCONOVA THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets

ONCONOVA THERAPEUTICS, INC.

Condensed Consolidated Statements

of Operations (unaudited)

(in thousands, except share and per share