Onconova Therapeutics Reports Third Quarter 2021 Financial Results and Provides Business Update Conference call and live webcast at 4:30 p.m. ET today NEWTOWN, PA.

Onconova Therapeutics

Reports Third Quarter 2021 Financial Results and Provides Business Update

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

NEWTOWN, PA., November 11, 2021 (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 September

30, 2021, and provided a business update.

Highlights for the third quarter of 2021 and subsequent

Management Commentary

"Our progress during the third quarter has

us on track to achieve milestones across our pipeline," said Steven M. Fruchtman, M.D., President and Chief Executive Officer of

Onconova. "In our lead narazaciclib program, the advancement of our complementary Phase 1 studies has us on track to identify a

recommended Phase 2 dose in the first half of 2022 and then initiate a Phase 2 safety and efficacy study in the second half. This Phase

2 study will focus on multiple oncology indications with high unmet need, including CDK 4/6 inhibitor refractory HR+ HER2- metastatic

breast cancer. Preclinical studies have shown that narazaciclib may be able overcome resistance to approved CDK 4/6 inhibitors, and therefore

may have an improved on-target toxicity profile. We believe this positions narazaciclib as a potentially important therapeutic in a multi-billion-dollar

drug class. We look forward to evaluating this hypothesis through narazaciclib's continued clinical development."

Dr. Fruchtman continued, "Outside our

narazaciclib program, we recently reported very encouraging data from the Phase 1/2a investigator-initiated study (IIS) of oral

rigosertib plus the PD-1 checkpoint inhibitor nivolumab in advanced KRAS+ NSCLC. These data showed partial responses across multiple

KRAS variants in patients who previously failed the standard of care including PD-1 checkpoint inhibitors. This suggests rigosertib

may augment the efficacy of checkpoint inhibitors and could differentiate it from competing RAS pathway modulators that target a

particular KRAS mutation. Looking ahead, we expect to provide an additional data update from this study in 2022 and begin an

additional IIS evaluating rigosertib in combination with anti-PD-1 therapy in malignant melanoma in the first half of next year.

Through the progression of these and our other IIS in RDEB-associated SCC, we aim to generate value and address the needs of

patients through rigosertib's development, while maintaining our primary focus on our lead narazaciclib program."

Third Quarter Financial Results

Cash and cash equivalents as of September 30,

2021, were $59.4 million, compared with $19.0 million as of December 31, 2020. The Company believes that its cash and cash equivalents

will be sufficient to fund ongoing clinical trials and business operations for more than two years.

Research and development expenses were $1.8 million

for the third quarter of 2021, compared with $4.2 million for the third quarter of 2020. The decrease was primarily related to higher

costs related to the INSPIRE study in the 2020 period.

General and administrative expenses were $2.3

million for the third quarter of 2021, compared with $2.1 million for the third quarter of 2020.

Net loss for the third quarter of 2021 was $3.5

million, or $0.22 per share on 16.0 million weighted average shares outstanding, compared with a net loss for the third quarter of 2020

of $6.2 million, or $0.52 per share on 12.1 million weighted average 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 third quarter of 2021,

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 5367655.

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-initiated study program, including in a dose-escalation and expansion Phase 1/2a investigator-initiated

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

ONCONOVA THERAPEUTICS, INC.

Condensed Consolidated Statements

of Operations (unaudited)

(in thousands, except share and per share amounts)