PDS Biotech Reports An Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
September 15 2021 - 8:30AM
PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage
immunotherapy company developing novel cancer therapies based on
the Company’s proprietary Versamune® T-cell activating technology,
today announced that the compensation committee of the board of
directors of the Company approved, on September 13, 2021, an equity
award to Gregory Reid, the Company’s new VP of Program Development,
as a material inducement to Mr. Reid entering into employment with
PDS Biotech.
Prior to joining PDS Biotech, Mr. Reid amassed
more than 30 years of experience in the pharmaceutical industry,
primarily in drug development. Mr. Reid has worked extensively with
biotech firms, successfully bringing several novel molecules
targeting oncology and anti-fungal therapies from the bench through
development. Internationally, Mr. Reid led many drug development
programs in North America, Europe and Asia. Mr. Reid holds a M.Sc.
in immunology from McGill University and an MBA from the John
Molson School of Business at Concordia University, and is the
author of more than 20 peer-reviewed manuscripts and abstracts.
“Greg brings a breadth of experience to PDS
Biotech to support the advancement of the company’s innovative
pipeline,” said PDS Biotech CEO, Frank Bedu-Addo. “He is an expert
in oncology product development.”
An inducement grant of 63,800 shares of PDS
Biotech’s common stock, in accordance with Nasdaq Listing Rule
5635(c)(4), was awarded as part of Mr. Reid’s compensation. The
awards were granted under PDS Biotech’s 2019 Inducement Plan, as
amended, in accordance with Nasdaq Listing Rule 5635(c)(4) and
provides for the granting of equity awards to new employees of PDS
Biotech. The option award has an exercise price of $14.99, the
closing price of PDS Biotech’s common stock on September 13, 2021.
The option award vests over a four-year period, with one-quarter of
the shares vesting on the first anniversary of the grant date
(September 13, 2022) and then monthly over the following 36 months,
subject to continued employment with the company through the
applicable vesting dates.
About PDS BiotechnologyPDS
Biotech is a clinical-stage immunotherapy company developing a
growing pipeline of cancer immunotherapies based on the Company’s
proprietary Versamune® T-cell activating technology platform. Our
Versamune®-based products have demonstrated the potential to
overcome the limitations of current immunotherapy by inducing in
vivo, large quantities of high-quality, highly potent
polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells.
PDS Biotech has developed multiple therapies, based on combinations
of Versamune® and disease-specific antigens, designed to train the
immune system to better recognize diseased cells and effectively
attack and destroy them. The company’s pipeline products
address various cancers including breast, colon, lung, prostate and
ovarian cancers. To learn more, please visit
www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.
Forward Looking StatementsThis
communication contains forward-looking statements (including within
the meaning of Section 21E of the United States Securities Exchange
Act of 1934, as amended, and Section 27A of the United States
Securities Act of 1933, as amended) concerning PDS Biotechnology
Corporation (the “Company”) and other matters. These statements may
discuss goals, intentions and expectations as to future plans,
trends, events, results of operations or financial condition, or
otherwise, based on current beliefs of the Company’s management, as
well as assumptions made by, and information currently available
to, management. Forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as “may,”
“will,” “should,” “would,” “expect,” “anticipate,” “plan,”
“likely,” “believe,” “estimate,” “project,” “intend,” “forecast,”
“guidance”, “outlook” and other similar expressions among others.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties and are not
guarantees of future performance. Actual results could differ
materially from those contained in any forward-looking statement as
a result of various factors, including, without limitation: the
Company’s ability to protect its intellectual property rights; the
Company’s anticipated capital requirements, including the Company’s
anticipated cash runway and the Company’s current expectations
regarding its plans for future equity financings; the Company’s
dependence on additional financing to fund its operations and
complete the development and commercialization of its product
candidates, and the risks that raising such additional capital may
restrict the Company’s operations or require the Company to
relinquish rights to the Company’s technologies or product
candidates; the Company’s limited operating history in the
Company’s current line of business, which makes it difficult to
evaluate the Company’s prospects, the Company’s business plan or
the likelihood of the Company’s successful implementation of such
business plan; the timing for the Company or its partners to
initiate the planned clinical trials for PDS0101, PDS0203 and other
Versamune® based products; the future success of such trials; the
successful implementation of the Company’s research and development
programs and collaborations, including any collaboration studies
concerning PDS0101, PDS0203 and other Versamune® based products and
the Company’s interpretation of the results and findings of such
programs and collaborations and whether such results are sufficient
to support the future success of the Company’s product candidates;
the success, timing and cost of the Company’s ongoing clinical
trials and anticipated clinical trials for the Company’s current
product candidates, including statements regarding the timing of
initiation, pace of enrollment and completion of the trials
(including our ability to fully fund our disclosed clinical trials,
which assumes no material changes to our currently projected
expenses), futility analyses, presentations at conferences and data
reported in an abstract, and receipt of interim results, which are
not necessarily indicative of the final results of the Company’s
ongoing clinical trials; any Company statements about its
understanding of product candidates mechanisms of action and
interpretation of preclinical and early clinical results from
its clinical development programs and any collaboration studies;
the acceptance by the market of the Company’s product candidates,
if approved; the timing of and the Company’s ability to obtain and
maintain U.S. Food and Drug Administration or other regulatory
authority approval of, or other action with respect to, the
Company’s product candidates; and other factors, including
legislative, regulatory, political and economic developments not
within the Company’s control, including unforeseen circumstances or
other disruptions to normal business operations arising from or
related to COVID-19. The foregoing review of important factors that
could cause actual events to differ from expectations should not be
construed as exhaustive and should be read in conjunction with
statements that are included herein and elsewhere, including the
risk factors included in the Company’s annual and periodic reports
filed with the SEC. The forward-looking statements are made only as
of the date of this press release and, except as required by
applicable law, the Company undertakes no obligation to revise or
update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
Media & Investor Relations
Contact:Deanne RandolphPDS BiotechPhone: +1 (908)
517-3613Email: drandolph@pdsbiotech.com
Rich CockrellCG CapitalPhone: +1 (404)
736-3838 Email: rich@cg.capital
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