Iovance Biotherapeutics Reports Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
May 20 2022 - 5:15PM
Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a late-stage
biotechnology company developing novel T cell-based cancer
immunotherapies, today announced that on May 19, 2022 (the “Date of
Grant”), the Company approved the grant of inducement stock options
covering an aggregate of 146,700 shares of Iovance’s common stock
to 17 new non-executive employees.
The awards were granted under Iovance’s 2021 Inducement Plan,
which was adopted on September 22, 2021 and amended on January 12,
2022, and provides for the granting of equity awards to new
employees of Iovance by the Company’s compensation committee in
accordance with Nasdaq Listing Rule 5635(c)(4). Each of the stock
options granted as referenced in this press release has an exercise
price of $14.95, the closing price of Iovance’s common stock on the
Date of Grant. Each stock option vests over a three-year period,
with one-third of the shares vesting on the first anniversary of
the employee’s start date (referred to as the “First Vesting
Date”), and the remaining shares vesting in eight quarterly
installments over the next two years, commencing with the first
quarter following the First Vesting Date, subject to continued
employment with the Company through the applicable vesting
dates.
About Iovance Biotherapeutics, Inc.
Iovance Biotherapeutics aims to be the global leader in
innovating, developing and delivering tumor infiltrating lymphocyte
(TIL) therapies for patients with cancer. We are pioneering a
transformational approach to cure cancer by harnessing the human
immune system’s ability to recognize and destroy diverse cancer
cells in each patient. Our lead late-stage TIL product candidate,
lifileucel for metastatic melanoma, has the potential to become the
first approved one-time cell therapy for a solid tumor cancer. The
Iovance TIL platform has demonstrated promising clinical data
across multiple solid tumors. We are committed to continuous
innovation in cell therapy, including gene-edited cell therapy,
that may extend and improve life for patients with cancer. For more
information, please visit www.iovance.com.
Forward-Looking Statements
Certain matters discussed in this press release are
“forward-looking statements” of Iovance Biotherapeutics, Inc.
(hereinafter referred to as the “Company,” “we,” “us,” or “our”)
within the meaning of the Private Securities Litigation Reform Act
of 1995 (the “PSLRA”). All such written or oral statements made in
this press release, other than statements of historical fact, are
forward-looking statements and are intended to be covered by the
safe harbor for forward-looking statements provided by the PSLRA.
Without limiting the foregoing, we may, in some cases, use terms
such as “predicts,” “believes,” “potential,” “continue,”
“estimates,” “anticipates,” “expects,” “plans,” “intends,”
“forecast,” “guidance,” “outlook,” “may,” “could,” “might,” “will,”
“should” or other words that convey uncertainty of future events or
outcomes and are intended to identify forward-looking statements.
Forward-looking statements are based on assumptions and assessments
made in light of management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and we undertake no duty to update or revise any
such statements, whether as a result of new information, future
events or otherwise. Forward-looking statements are not guarantees
of future performance and are subject to risks, uncertainties and
other factors, many of which are outside of our control, that may
cause actual results, levels of activity, performance, achievements
and developments to be materially different from those expressed in
or implied by these forward-looking statements. Important factors
that could cause actual results, developments and business
decisions to differ materially from forward-looking statements are
described in the sections titled "Risk Factors" in our filings with
the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and
include, but are not limited to, the following substantial known
and unknown risks and uncertainties inherent in our business: the
effects of the COVID-19 pandemic; risks related to the timing of
and our ability to successfully develop, submit, obtain and
maintain U.S. Food and Drug Administration (“FDA”) or other
regulatory authority approval of, or other action with respect to,
our product candidates, and our ability to successfully
commercialize any product candidates for which we obtain FDA
approval; preliminary and interim clinical results, which may
include efficacy and safety results, from ongoing clinical trials
or cohorts may not be reflected in the final analyses of our
ongoing clinical trials or subgroups within these trials or in
other prior trials or cohorts; the risk that enrollment may need to
be adjusted for our trials and cohorts within those trials based on
FDA and other regulatory agency input; the changing landscape of
care for cervical cancer patients may impact our clinical trials in
this indication; the risk that we may be required to conduct
additional clinical trials or modify ongoing or future clinical
trials based on feedback from the FDA or other regulatory
authorities; the risk that our interpretation of the results of our
clinical trials or communications with the FDA may differ from the
interpretation of such results or communications by the FDA; the
acceptance by the market of our product candidates and their
potential reimbursement by payors, if approved; our ability or
inability to manufacture our therapies using third party
manufacturers or our own facility may adversely affect our
potential commercial launch; the results of clinical trials with
collaborators using different manufacturing processes may not be
reflected in our sponsored trials; the risk that unanticipated
expenses may decrease our estimated cash balances and forecasts and
increase our estimated capital requirements; and other factors,
including general economic conditions and regulatory developments,
not within our control.
CONTACTS
Iovance Biotherapeutics, Inc:Sara Pellegrino,
IRCVice President, Investor Relations & Public
Relations650-260-7120 ext. 264Sara.Pellegrino@iovance.com
Jen SaundersDirector, Investor Relations & Public
Relations650-260-7120 ext. 264Jen.Saunders@iovance.com
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