Gritstone Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
March 30 2022 - 7:00AM
Gritstone bio, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology
company developing the next generation of cancer and infectious
disease immunotherapies, today announced that the company’s Board
of Directors has granted five employees nonqualified stock options
to purchase an aggregate of 14,800 shares of its common stock with
an exercise price of $4.90, which is equal to the closing price of
Gritstone’s common stock on March 17, 2022, the grant date of the
awards. These stock grants are part of 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 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 Gritstone Gritstone 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 artificial
intelligence-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 program
delivering T cell enhanced self-amplifying mRNA (samRNA) vaccines
for COVID-19 that is supported by departments within the National
Institutes of Health (NIH), the Bill & Melinda Gates
Foundation, the Coalition for Epidemic Preparedness Innovations
(CEPI) and through 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
www.gritstonebio.com.
Gritstone Forward-Looking
StatementsThis press release contains
forward-looking statements, including, but not limited to,
statements related to the potential of Gritstone’s therapeutic
programs, the advancements in Gritstone’s ongoing clinical trials
and the timing of data announcements related to ongoing clinical
trials and the initiation of future clinical trials. 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 Gritstone in general, see
Gritstone’s most recent Annual Report on Form 10-K filed on March
10, 2022 and Gritstone’s future reports to be filed with the
Securities and Exchange Commission. The forward-looking statements
in this press release are based on information available to
Gritstone as of the date hereof. Gritstone disclaims any obligation
to update any forward-looking statements, except as required by
law.
Gritstone ContactsMedia:Dan Budwick1AB(973)
271-6085dan@1abmedia.comInvestors:George E. MacDougallDirector,
Investor Relations & Corp CommsGritstone bio,
Inc.IR@gritstone.com
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