Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
December 05 2022 - 4:01PM
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), an early
commercial-stage biopharmaceutical company focused on developing
meaningful innovations in immuno-dermatology, today reported the
grant of an aggregate of 8,000 restricted stock units of Arcutis’
common stock as well as options to purchase an aggregate of 18,000
shares of Arcutis’ common stock to two newly hired employees. These
awards were approved by the Compensation Committee of Arcutis’
Board of Directors and granted under the Arcutis Biotherapeutics,
Inc. 2022 Inducement Plan, with a grant date of December 1, 2022,
as an inducement material to the new employees entering into
employment with Arcutis, in accordance with Nasdaq Listing Rule
5635(c)(4).
The restricted stock units vest over four years, with 25 percent
vesting on each annual anniversary of the vesting commencement
date, subject to the employee being continuously employed by
Arcutis as of such vesting dates. The stock options vest over four
years, with 25 percent vesting on the one-year anniversary of the
vesting commencement date for such employee and the remainder
vesting in 36 equal monthly installments over the following three
years, subject to the employee being continuously employed by
Arcutis as of such vesting dates. The stock options have a ten-year
term and an exercise price of $17.08 per share, equal to the per
share closing price of Arcutis’ common stock as reported by Nasdaq
on December 1, 2022.
Arcutis is providing this information in accordance with Nasdaq
Listing Rule 5635(c)(4).
About ArcutisArcutis Biotherapeutics, Inc.
(Nasdaq: ARQT) is a medical dermatology company that champions
meaningful innovation to address the urgent needs of individuals
living with immune-mediated dermatological diseases and conditions.
With a commitment to solving the most persistent patient challenges
in dermatology, Arcutis harnesses our unique dermatology
development platform coupled with our dermatology expertise to
build differentiated therapies against biologically validated
targets. Arcutis’ dermatology development platform includes a
robust pipeline with multiple clinical programs for a range of
inflammatory dermatological conditions including plaque psoriasis,
atopic dermatitis, and seborrheic dermatitis. For more information,
visit www.arcutis.com or follow Arcutis on LinkedIn,
Facebook, and Twitter.
Forward-Looking StatementsThis press release
contains “forward-looking” statements, including, among others,
statements regarding its potential to address urgent needs and
expectations with regard to the timing of data and regulatory
events. These statements involve substantial known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance, or achievements to be
materially different from the information expressed or implied by
these forward-looking statements and you should not place undue
reliance on our forward-looking statements. Risks and uncertainties
that may cause our actual results to differ include risks inherent
in the clinical development process and regulatory approval
process, the timing of regulatory filings, the timing and expenses
of commercialization efforts, and our ability to defend our
intellectual property. For a further description of the risks and
uncertainties applicable to our business, see the “Risk Factors”
section of our Form 10-K filed with U.S. Securities and Exchange
Commission (SEC) on February 22, 2022, as amended on March 3, 2022,
as well as any subsequent filings with the SEC. We undertake no
obligation to revise or update information herein to reflect events
or circumstances in the future, even if new information becomes
available.
Contacts:MediaAmanda Sheldon,
Head of Corporate Communicationsasheldon@arcutis.com
InvestorsEric McIntyre, Head of Investor
Relationsemcintyre@arcutis.com
Arcutis Biotherapeutics (NASDAQ:ARQT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Arcutis Biotherapeutics (NASDAQ:ARQT)
Historical Stock Chart
From Apr 2023 to Apr 2024