Gritstone Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 24 2021 - 4:00PM
Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology
company developing the next generation of cancer and infectious
disease immunotherapies, today announced that the Compensation
Committee of the company’s Board of Directors has granted five
employees nonqualified stock options to purchase an aggregate of
82,200 shares of its common stock, as an inducement material to
each of the new employees becoming an employee of Gritstone, in
accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options have an exercise price of $8.50, which is
equal to the closing price of Gritstone’s common stock on May 5,
2021, the grant date of the awards. The options will vest over a
four-year period, with 25% of the options vesting on the first
anniversary of the employees’ date of hire, and 1/48th of the
options vesting monthly thereafter, subject to the employees’
continued employment with Gritstone on such vesting dates. The
options are subject to the terms and conditions of Gritstone’s 2021
Employment Inducement Incentive Award Plan and the stock option
agreement covering the grant.
About GritstoneGritstone bio,
Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company, is
developing the next generation of immunotherapies against multiple
cancer types and infectious diseases. Gritstone develops its
products by leveraging two key pillars—first, a proprietary machine
learning-based platform, Gritstone EDGE™, which is designed to
predict antigens that are presented on the surface of cells, such
as tumor or virally-infected cells, that can be seen by the immune
system; and, second, the ability to develop and manufacture potent
immunotherapies utilizing these antigens to potentially drive the
patient’s immune system to specifically attack and destroy
disease-causing cells. The company’s lead oncology programs include
an individualized neoantigen-based immunotherapy, GRANITE, and an
“off-the-shelf” shared neoantigen-based immunotherapy, SLATE, which
are being evaluated in clinical studies. Within its infectious
disease pipeline, Gritstone is advancing CORAL, a COVID-19 program
to develop a second-generation vaccine, with support from
departments within the National Institutes of Health (NIH), the
Bill & Melinda Gates Foundation, as well as a license agreement
with La Jolla Institute for Immunology. Additionally, the company
has a global collaboration for the development of a therapeutic HIV
vaccine with Gilead Sciences. For more information, please visit
gritstonebio.com.
Gritstone Forward-Looking
StatementsThis press release contains
forward-looking statements, including, but not limited to,
statements related to the potential of our product candidates. Such
forward-looking statements involve substantial risks and
uncertainties that could cause Gritstone’s research and clinical
development programs, future results, performance or achievements
to differ significantly from those expressed or implied by the
forward-looking statements. Such risks and uncertainties include,
among others, the uncertainties inherent in the drug development
process, including Gritstone’s programs’ early stage of
development, the process of designing and conducting preclinical
and clinical trials, the regulatory approval processes, the timing
of regulatory filings, the challenges associated with manufacturing
drug products, Gritstone’s ability to successfully establish,
protect and defend its intellectual property and other matters that
could affect the sufficiency of existing cash to fund operations.
Gritstone undertakes no obligation to update or revise any
forward-looking statements. For a further description of the risks
and uncertainties that could cause actual results to differ from
those expressed in these forward-looking statements, as well as
risks relating to the business of the company in general, see
Gritstone’s most recent Quarterly Report on Form 10-Q filed on May
6, 2021 and any current and periodic reports filed with the
Securities and Exchange Commission.
Gritstone ContactsMedia:Dan Budwick1AB(973)
271-6085dan@1abmedia.com
Investors:Alexandra Santos Wheelhouse Life Science Advisors(510)
871-6161asantos@wheelhouselsa.com
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