Acrivon Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
January 12 2024 - 4:00PM
Acrivon Therapeutics, Inc. (“Acrivon” or “Acrivon Therapeutics”)
(Nasdaq: ACRV), a clinical stage biopharmaceutical company
developing precision oncology medicines that it matches to patients
whose tumors are predicted to be sensitive to each specific
medicine by utilizing its proprietary proteomics-based patient
responder identification platform, Acrivon Predictive Precision
Proteomics or AP3, announced that the company approved a grant of
an equity award under its 2023 Inducement Plan to one employee. The
equity award was granted in the form of stock options and has a
grant date of January 11, 2024.
The employee received options to purchase 99,300 shares of
Acrivon common stock. The stock options will vest 25% on the first
anniversary of the first day of the month following the effective
date of such employee’s employment and in additional 2.083%
installments on a monthly basis thereafter, subject to such
employee’s continued employment on each vesting date.
The inducement grant was approved by Acrivon’s Board of
Directors, as required by Nasdaq Rule 5635(c)(4), and was granted
as a material inducement to employment in accordance with Nasdaq
Rule 5635(c)(4).
About Acrivon Therapeutics Acrivon is a
clinical stage biopharmaceutical company developing precision
oncology medicines that it matches to patients whose tumors are
predicted to be sensitive to each specific medicine by utilizing
Acrivon’s proprietary proteomics-based patient responder
identification platform, Acrivon Predictive Precision Proteomics,
or AP3. The AP3 platform is engineered to measure compound-specific
effects on the entire tumor cell protein signaling network and
drug-induced resistance mechanisms in an unbiased manner. These
distinctive capabilities enable AP3’s direct application for drug
design optimization for monotherapy activity, the identification of
rational drug combinations, and the creation of drug-specific
proprietary OncoSignature companion diagnostics that are used to
identify the patients most likely to benefit from Acrivon’s drug
candidates. Acrivon is currently advancing its lead candidate,
ACR-368, a selective small molecule inhibitor targeting CHK1 and
CHK2 in a potentially registrational Phase 2 trial across multiple
tumor types. The company has received Fast Track designation from
the Food and Drug Administration, or FDA, for the investigation of
ACR-368 as monotherapy based on OncoSignature-predicted sensitivity
in patients with platinum-resistant ovarian or endometrial cancer.
Acrivon’s ACR-368 OncoSignature test, which has not yet obtained
regulatory approval, has been extensively evaluated in preclinical
studies, including in two separate, blinded, prospectively-designed
studies on pretreatment tumor biopsies collected from past
third-party Phase 2 trials in patients with ovarian cancer treated
with ACR-368. The FDA has granted Breakthrough Device designation
for the ACR-368 OncoSignature assay for the identification of
ovarian cancer patients who may benefit from ACR-368 treatment. In
addition to ACR-368, Acrivon is also leveraging its proprietary AP3
precision medicine platform for developing its
internally-discovered preclinical stage pipeline programs,
consisting of its development candidate, ACR-2316, a selective,
dual WEE1/PKMYT1 inhibitor, and additional programs targeting these
two critical nodes in the DNA Damage Response, or DDR,
pathways.
Forward-Looking Statements This press release
includes certain disclosures that contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 about us and our industry that involve
substantial risks and uncertainties. All statements other than
statements of historical facts contained in this press release,
including statements regarding our future results of operations or
financial condition, business strategy and plans and objectives of
management for future operations, are forward-looking statements.
In some cases, you can identify forward-looking statements because
they contain words such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “will,” or
“would” or the negative of these words or other similar terms or
expressions. Forward-looking statements are based on Acrivon’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Factors that
could cause actual results to differ include, but are not limited
to, risks and uncertainties that are described more fully in the
section titled “Risk Factors” in our reports filed with the
Securities and Exchange Commission. Forward-looking statements
contained in this press release are made as of this date, and
Acrivon undertakes no duty to update such information except as
required under applicable law.
Investor and Media Contacts: Adam D. Levy,
Ph.D., M.B.A.alevy@acrivon.com
Alexandra Santos asantos@wheelhouselsa.com
Acrivon Therapeutics (NASDAQ:ACRV)
Historical Stock Chart
From Apr 2024 to May 2024
Acrivon Therapeutics (NASDAQ:ACRV)
Historical Stock Chart
From May 2023 to May 2024