Brooklyn ImmunoTherapeutics Reports Inducement Grants
April 19 2021 - 4:10PM
Business Wire
Brooklyn ImmunoTherapeutics LLC (NYSE American: BTX) ("Brooklyn"
or “the Company”), a biopharmaceutical company focused on exploring
the role that cytokine-based therapy can have in treating patients
with cancer, today announced that on 16 April 2021, Dr. Federoff
was granted a nonqualified stock option covering 2,627,915 shares
of Brooklyn’s common stock (the “Time-Based Option”).
The Time-Based Option will have a per share exercise price equal
to the closing price of a share of Brooklyn’s common stock on the
NYSE American Stock Exchange on 16 April 2021. Of the shares
covered by the Time-Based Option, 656,979 will vest on April 16,
2022, 54,748 will vest on the sixteenth day of each month from May
2022 through March 2025, and the remaining 54,756 will vest on
April 16, 2025, in each case for so long as the Dr. Federoff
provides continuous service to Brooklyn through the relevant
vesting date.
Additionally, on 16 April 2021, Dr. Federoff was granted a
nonqualified stock option covering 597,253 shares of Brooklyn’s
common stock (the “Milestone Option”). The Milestone Option will
have a per share exercise price equal to the closing price of a
share of Brooklyn’s common stock on the NYSE American Stock
Exchange on 16 April 2021. The Milestone Option will fully vest
upon the first concurrence by the US Food and Drug Administration
that a proposed investigation may proceed following review of a BTX
filed investigational new drug application in connection with that
certain license among Brooklyn, Factor Biosciences Therapeutics
Limited and Novellus Therapeutics Limited. This milestone is
subject to Dr. Federoff’s continuous service with Brooklyn through
such vesting date.
The unvested portion of the Time-Based Option and the Milestone
Option will terminate upon the termination of Dr. Federoff’s
employment with Brooklyn for any reason, subject to certain vesting
acceleration provisions upon a qualifying termination, as described
in his employment agreement with Brooklyn. Unless earlier
terminated in accordance with their terms, each of the Time-Based
Option and the Milestone Option will otherwise expire on the 10th
anniversary of their respective grant date and be subject to the
terms and conditions of the respective option agreement approved by
Brooklyn. Each of the Time-Based Option and the Milestone Option is
intended to constitute an “employment inducement grant” in
accordance with the employment inducement grant rules set forth in
Section 711(a) of the NYSE American LLC Company Guide, and is
offered as an inducement material to Dr. Federoff in connection
with Brooklyn’s hiring of Dr. Federoff and will be granted outside
of Brooklyn’s shareholder-approved equity compensation plans.
About Brooklyn ImmunoTherapeutics
Brooklyn is focused on exploring the role that cytokine-based
therapy can have in treating patients with cancer, both as a single
agent and in combination with other anti-cancer therapies. The
company is also exploring opportunities to advance therapies using
leading edge gene editing/cell therapy technology through its
option agreement with Factor Bioscience/Novellus.
Brooklyn’s most advanced program is studying the safety and
efficacy of IRX-2 in patients with head and neck cancer. In a Phase
2A clinical trial in head and neck cancer, IRX-2 demonstrated an
overall survival benefit. Additional studies are either underway or
planned in other solid tumor cancer indications.
For more information about Brooklyn and its clinical programs,
please visit www.BrooklynITx.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210419005826/en/
Media Contact MacDougall Nicholas Chang 781-235-3060
nchang@macbiocom.com
Investor Relations Contact: CORE IR 516-222-2560
investors@brooklynitx.com
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