VANCOUVER, BC, Nov. 25, 2020
/PRNewswire/ - Sierra Oncology, Inc. (SRRA), a late-stage
biopharmaceutical company focused on the Phase 3 execution,
registration and potential commercialization of momelotinib, a
novel drug that may address serious unmet needs in myelofibrosis,
granted a stock option to a new employee as approved by the
Compensation Committee of the Company's Board of Directors, under
Sierra Oncology's 2018 Equity Inducement Plan.
The 2018 Equity Inducement Plan is used exclusively for the
grant of equity awards to individuals as an inducement material to
such individuals entering into employment with Sierra, pursuant to
Rule 5635(c)(4) of the NASDAQ Listing Rules.
The employee received an option to purchase 50,000 shares of
Sierra's common stock. The option has an exercise price of
$15.14 per share, which is equal to
the closing price of Sierra's common stock on the date of grant.
The option will vest and become exercisable as to 25% of the shares
on the first anniversary of the recipient's start date, and then
will vest and become exercisable as to the remaining 75% of shares
in 36 equal monthly installments following the first anniversary,
subject to the employee's continued employment with Sierra on such
vesting dates. The option is subject to the terms and conditions of
Sierra's 2018 Equity Inducement Plan, and the terms and conditions
of the stock option agreement covering the grant.
About Sierra Oncology
Sierra Oncology is a late stage biopharmaceutical company
focused on the Phase 3 execution, registration and potential
commercialization of momelotinib, a novel drug that may address
serious unmet needs in myelofibrosis. Momelotinib is a selective
and orally bioavailable JAK1, JAK2 & ACVR1 inhibitor with a
differentiated mechanism of action that enables it to potentially
address all three key drivers of myelofibrosis: anemia of
inflammation, constitutional symptoms and enlarged spleen. More
than 1,200 subjects have received momelotinib since clinical
studies began in 2009, including more than 800 patients treated for
myelofibrosis. Several of these patients remain on treatment for
more than 10 years.
Sierra is enrolling symptomatic and anemic patients, who have
been treated previously with a JAK inhibitor in MOMENTUM, a
randomized double-blind Phase 3 clinical trial. The U.S. Food and
Drug Administration has granted Fast Track designation to
momelotinib.
For more information, please
visit www.sierraoncology.com.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding Sierra Oncology's expectations
from current data, anticipated clinical development activities,
expected timing and success of enrollment of MOMENTUM and potential
benefits of momelotinib. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. These statements are based on management's current
expectations and beliefs and are subject to a number of risks,
uncertainties and assumptions that could cause actual results to
differ materially from those described in the forward-looking
statements. Such forward-looking statements are subject to risks
and uncertainties, including, among others, the risk that Sierra
Oncology's cash resources may be insufficient to fund its current
operating plans and it may be unable to raise additional capital
when needed, the risk that disruptions and impacts of COVID-19 will
be significant and lengthy, Sierra Oncology may be unable to
successfully develop and commercialize momelotinib,
momelotinib may not demonstrate safety and efficacy or
otherwise produce positive results, Sierra Oncology may experience
delays in the clinical development of momelotinib, Sierra Oncology
may be unable to acquire additional assets to build a pipeline of
additional product candidates, Sierra Oncology's third-party
manufacturers may cause its supply of materials to become limited
or interrupted or fail to be of satisfactory quantity or quality,
Sierra Oncology may be unable to obtain and enforce intellectual
property protection for its technologies and momelotinib and the
other factors described under the heading "Risk Factors" set forth
in Sierra Oncology's filings with the Securities and Exchange
Commission from time to time. Sierra Oncology undertakes no
obligation to update the forward-looking statements contained
herein or to reflect events or circumstances occurring after the
date hereof, other than as may be required by applicable law.
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SOURCE Sierra Oncology