ORIC Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
May 03 2024 - 4:30PM
ORIC Pharmaceuticals, Inc. (Nasdaq:ORIC), a clinical stage oncology
company focused on developing treatments that address mechanisms of
therapeutic resistance, today announced that on May 1, 2024 (the
“Grant Date”), ORIC granted a total of 14,500 non-qualified stock
options and 2,300 restricted stock units to two new non-executive
employees who began their employment with ORIC in April 2024.
These inducement grants were granted pursuant to
the ORIC Pharmaceuticals, Inc. 2022 Inducement Equity Incentive
Plan, subject to recipient’s continued employment or service
through each applicable vesting date. The stock options have an
exercise price equal to the closing price of ORIC’s common stock on
the Grant Date. Twenty-five percent (25%) of the shares subject to
the stock options will vest on the one (1) year anniversary of the
Grant Date, with one thirty-sixth (1/36th) of the remaining shares
vesting each one-month period thereafter. One-third (1/3rd) of the
restricted stock units will vest on each of the first three
anniversaries of the Grant Date. The inducement grants are subject
to the terms and conditions of the applicable stock option and
restricted stock unit agreements and the ORIC Pharmaceuticals, Inc.
2022 Inducement Equity Incentive Plan.
The inducement grants were approved by ORIC’s
Compensation Committee of the Board of Directors, as required by
Nasdaq Rule 5635(c)(4), and were granted as a material inducement
to employment in accordance with Nasdaq Rule 5635(c)(4).
About ORIC Pharmaceuticals,
Inc.
ORIC Pharmaceuticals is a clinical stage
biopharmaceutical company dedicated to improving patients’ lives by
Overcoming Resistance In Cancer. ORIC’s clinical stage product
candidates include (1) ORIC-114, a brain penetrant inhibitor
designed to selectively target EGFR and HER2 with high potency
against exon 20 insertion mutations, being developed across
multiple genetically defined cancers, (2) ORIC-944, an allosteric
inhibitor of the polycomb repressive complex 2 (PRC2) via the EED
subunit, being developed for prostate cancer, and (3) ORIC-533, an
orally bioavailable small molecule inhibitor of CD73, a key node in
the adenosine pathway believed to play a central role in resistance
to chemotherapy- and immunotherapy-based treatment regimens, being
developed for multiple myeloma. Beyond these three product
candidates, ORIC is also developing multiple precision medicines
targeting other hallmark cancer resistance mechanisms. ORIC has
offices in South San Francisco and San Diego, California. For more
information, please go to www.oricpharma.com, and follow us
on X or LinkedIn.
Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements as that term is defined in Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release that are not
purely historical are forward-looking statements. Such
forward-looking statements include, among other things, statements
regarding the vesting of the inducement grants; target indications
for ORIC’s product candidates; the potential advantages of ORIC’s
product candidates; and plans underlying ORIC’s clinical trials and
development. Words such as “believes,” “anticipates,” “plans,”
“expects,” “intends,” “will,” “goal,” “potential” and similar
expressions are intended to identify forward-looking statements.
The forward-looking statements contained herein are based upon
ORIC’s current expectations and involve assumptions that may never
materialize or may prove to be incorrect. Actual results could
differ materially from those projected in any forward-looking
statements due to numerous risks and uncertainties, including but
not limited to: risks associated with the process of discovering,
developing and commercializing drugs that are safe and effective
for use as human therapeutics and operating as an early clinical
stage company; ORIC’s ability to develop, initiate or complete
preclinical studies and clinical trials for, obtain approvals for
and commercialize any of its product candidates; changes in ORIC’s
plans to develop and commercialize its product candidates; the
potential for clinical trials of ORIC’s product candidates to
differ from preclinical, initial, interim, preliminary or expected
results; negative impacts of health emergencies, economic
instability or international conflicts on ORIC’s operations,
including clinical trials; the risk of the occurrence of any event,
change or other circumstance that could give rise to the
termination of ORIC’s license and collaboration agreements; the
potential market for our product candidates, and the progress and
success of competing therapeutics currently available or in
development; ORIC’s ability to raise any additional funding it will
need to continue to pursue its business and product development
plans; regulatory developments in the United States and foreign
countries; ORIC’s reliance on third parties, including contract
manufacturers and contract research organizations; ORIC’s ability
to obtain and maintain intellectual property protection for its
product candidates; the loss of key scientific or management
personnel; competition in the industry in which ORIC operates;
general economic and market conditions; and other risks.
Information regarding the foregoing and additional risks may be
found in the section titled “Risk Factors” in ORIC’s Annual Report
on Form 10-K filed with the Securities and Exchange Commission (the
“SEC”) on March 11, 2024, and ORIC’s future reports to be filed
with the SEC. These forward-looking statements are made as of the
date of this press release, and ORIC assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements, except as required by law.
Contact:Dominic Piscitelli,
Chief Financial Officerdominic.piscitelli@oricpharma.com
info@oricpharma.com
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