Galera Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 04 2023 - 4:01PM
Galera Therapeutics, Inc. (Nasdaq: GRTX), a clinical-stage
biopharmaceutical company focused on developing and commercializing
a pipeline of novel, proprietary therapeutics that have the
potential to transform radiotherapy in cancer, today announced that
on May 1, 2023, the Compensation Committee of Galera’s board of
directors granted inducement equity grants consisting of stock
options to purchase an aggregate of 315,000 shares of its common
stock to three new employees.
These stock options are subject to the terms of the Galera
Therapeutics, Inc. 2023 Employment Inducement Award Plan (the
“Inducement Plan”).
The Inducement Plan is used exclusively for the grant of equity
awards to individuals as an inducement material to their entering
into employment with Galera pursuant to Nasdaq Listing Rule
5635(c)(4). The Inducement Plan was adopted by Galera’s board of
directors in April 2023.
The stock options have an exercise price of $2.955 per share.
Each option will vest (subject to the applicable individual’s
continued service through the applicable vesting date) as to 25% of
the total number of shares subject to the option on the first
anniversary of the applicable individual’s employment start date
with the Company, with the remaining shares subject to the option
vesting in 36 equal monthly installments thereafter, such that the
shares subject to the option are fully vested on the fourth
anniversary of the applicable individual’s employment start date
with the Company.
About Galera Therapeutics
Galera Therapeutics, Inc. is a clinical-stage biopharmaceutical
company focused on developing and commercializing a pipeline of
novel, proprietary therapeutic candidates that have the potential
to transform radiotherapy in cancer. Galera’s selective dismutase
mimetic product candidate avasopasem manganese (avasopasem, or
GC4419) is being developed for radiation-induced toxicities. A New
Drug Application (NDA) for avasopasem is currently under priority
review by the U.S. Food and Drug Administration (FDA) with a
Prescription Drug User Fee (PDUFA) target date of August 9, 2023
for radiotherapy-induced severe oral mucositis in patients with
head and neck cancer undergoing standard-of-care treatment. The
Company’s second product candidate, rucosopasem manganese
(rucosopasem, or GC4711), is in clinical-stage development to
augment the anti-cancer efficacy of stereotactic body radiation
therapy in patients with non-small cell lung cancer and locally
advanced pancreatic cancer. Galera is headquartered in Malvern,
PA.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements.
Any forward-looking statements in this press release are based
on management’s current expectations of future events and are
subject to a number of risks and uncertainties that could cause
actual results to differ materially and adversely from those set
forth in or implied by such forward-looking statements. These risks
and uncertainties include, but are not limited to, Galera’s limited
operating history; anticipating continued losses for the
foreseeable future; substantial doubt regarding Galera’s ability to
continue as a going concern; needing substantial funding and the
ability to raise capital; Galera’s dependence on avasopasem
manganese (GC4419); uncertainties inherent in the conduct of
clinical trials; difficulties or delays enrolling patients in
clinical trials; the FDA’s acceptance of data from clinical trials
outside the United States; undesirable side effects from Galera’s
product candidates; risks relating to the regulatory approval
process; failure to capitalize on more profitable product
candidates or indications; ability to receive or maintain
Breakthrough Therapy Designation or Fast Track Designation for
product candidates; failure to obtain regulatory approval of
product candidates in the United States or other jurisdictions;
ongoing regulatory obligations and continued regulatory review;
risks related to commercialization; risks related to competition;
ability to retain key employees and manage growth; risks related to
intellectual property; inability to maintain collaborations or the
failure of these collaborations; Galera’s reliance on third
parties; the possibility of system failures or security breaches;
liability related to the privacy of health information obtained
from clinical trials and product liability lawsuits; unfavorable
pricing regulations, third-party reimbursement practices or
healthcare reform initiatives; environmental, health and safety
laws and regulations; the impact of the COVID-19 pandemic on
Galera’s business and operations, including preclinical studies and
clinical trials, and general economic conditions; risks related to
ownership of Galera’s common stock; and significant costs as a
result of operating as a public company. These and other important
factors discussed under the caption “Risk Factors” in Galera’s
Annual Report on Form 10-K for the year ended December 31, 2022
filed with the U.S. Securities and Exchange Commission (SEC) and
Galera’s other filings with the SEC could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any forward-looking
statements speak only as of the date of this press release and are
based on information available to Galera as of the date of this
release, and Galera assumes no obligation to, and does not intend
to, update any forward-looking statements, whether as a result of
new information, future events or otherwise.
Investor Contacts:Christopher DegnanGalera
Therapeutics, Inc.610-725-1500cdegnan@galeratx.com
William WindhamSolebury Strategic
Communications646-378-2946wwindham@soleburystrat.com
Media Contact:Zara LockshinSolebury Strategic
Communications330-417-6250zlockshin@soleburystrat.com
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