Acrivon Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Acrivon Therapeutics, Inc. (ACRV) granted an equity award to one employee, consisting of 57,900 stock options, under its 2023 Inducement Plan. The options will vest over a three-year period, subject to continued employment, as part of a material inducement to employment.

WATERTOWN, Mass., Nov. 21, 2023 (GLOBE NEWSWIRE) -- Acrivon Therapeutics, Inc. (“Acrivon” or “Acrivon Therapeutics”) (Nasdaq: ACRV), a clinical stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proprietary proteomics-based patient responder identification platform, Acrivon Predictive Precision Proteomics or AP3, announced that the company approved a grant of equity award under its 2023 Inducement Plan to one employee. The equity award was granted in the form of stock options and has a grant date of November 17, 2023.

The employee received options to purchase 57,900 shares of Acrivon common stock. The stock options will vest 25% on the first anniversary of the first day of the month following the effective date of such employee’s employment and the remaining options shall vest over a three-year period, on a monthly basis, a rate of 2.083%, subject to continued employment on each vesting date.

The inducement grant was approved by Acrivon’s board of directors, as required by Nasdaq Rule 5635(c)(4), and was granted as a material inducement to employment in accordance with Nasdaq Rule 5635(c)(4).

About Acrivon Therapeutics

Acrivon is a clinical stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing Acrivon’s proprietary proteomics-based patient responder identification platform, Acrivon Predictive Precision Proteomics, or AP3. The AP3 platform is engineered to measure compound-specific effects on the entire tumor cell protein signaling network and drug-induced resistance mechanisms in an unbiased manner. These distinctive capabilities enable AP3’s direct application for drug design optimization for monotherapy activity, the identification of rational drug combinations, and the creation of drug-specific proprietary OncoSignature companion diagnostics that are used to identify the patients most likely to benefit from Acrivon’s drug candidates. Acrivon is currently advancing its lead candidate, ACR-368, a selective small molecule inhibitor targeting CHK1 and CHK2 in a potentially registrational Phase 2 trial across multiple tumor types. The company has received Fast Track designation from the Food and Drug Administration, or FDA, for the investigation of ACR-368 as monotherapy based on OncoSignature-predicted sensitivity in patients with platinum-resistant ovarian or endometrial cancer. Acrivon’s ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been extensively evaluated in preclinical studies, including in two separate, blinded, prospectively-designed studies on pretreatment tumor biopsies collected from past third-party Phase 2 trials in patients with ovarian cancer treated with ACR-368. In addition to ACR-368, Acrivon is also leveraging its proprietary AP3 precision medicine platform for developing its internally-discovered preclinical stage pipeline programs, consisting of its development candidate, ACR-2316, a selective, dual WEE1/PKMYT1 inhibitor, and additional programs targeting these two critical nodes in the DNA Damage Response, or DDR, pathways.

Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Forward-looking statements are based on Acrivon’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties that are described more fully in the section titled “Risk Factors” in our reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this press release are made as of this date, and Acrivon undertakes no duty to update such information except as required under applicable law.

Investor and Media Contacts:
Adam D. Levy, Ph.D., M.B.A.
alevy@acrivon.com

Alexandra Santos
asantos@wheelhouselsa.com

FAQ

What is the latest announcement from Acrivon Therapeutics, Inc. (ACRV)?

Acrivon Therapeutics, Inc. (ACRV) granted an equity award to one employee, consisting of 57,900 stock options, under its 2023 Inducement Plan.

How many shares are included in the equity award granted by Acrivon Therapeutics, Inc. (ACRV)?

The employee received options to purchase 57,900 shares of Acrivon common stock.

What is the vesting period for the stock options granted by Acrivon Therapeutics, Inc. (ACRV)?

The stock options will vest 25% on the first anniversary of the first day of the month following the effective date of such employee’s employment and the remaining options shall vest over a three-year period, on a monthly basis, a rate of 2.083%, subject to continued employment on each vesting date.

Why was the inducement grant approved by Acrivon Therapeutics, Inc. (ACRV) board of directors?

The inducement grant was approved by Acrivon’s board of directors as a material inducement to employment in accordance with Nasdaq Rule 5635(c)(4).