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

Rhea-AI Summary

Acrivon Therapeutics, Inc. has approved a grant of equity awards to an employee under its 2023 Inducement Plan. The employee received 14,475 restricted stock units (RSUs) and an option to purchase 43,425 shares of Acrivon common stock. The RSUs will vest in 25% annual increments on the first anniversary of the employee's employment, while the stock options will vest 25% on the first anniversary and in additional 2.083% installments on a monthly basis thereafter.

WATERTOWN, Mass., Aug. 17, 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, announced that the company approved a grant of equity awards under its 2023 Inducement Plan to an employee. The equity awards were granted in the form of restricted stock units (“RSUs”) and stock options and have a grant date of August 16, 2023.

The employee received 14,475 RSUs, which represent a right to receive shares of Acrivon common stock, with the award vesting in 25% annual increments on the first anniversary of the first day of the month following the effective date of the employee’s employment, subject to the employee’s continued employment on each vesting date. The employee also received an option to purchase 43,425 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 the employee’s employment and in additional 2.083% installments on a monthly basis thereafter, subject to the employee’s continued employment on each vesting date.

The inducement grants were approved by Acrivon’s Compensation Committee of the Board of Directors, as required by Nasdaq Rule 5635(c)(4), and were 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 enables 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. 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 targeting two critical nodes in the DNA Damage Response, or DDR, including WEE1, a protein serine/threonine kinase, and the closely related PKMYT1.

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 Levy
alevy@acrivon.com

Alexandra Santos
asantos@wheelhouselsa.com 

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is Acrivon Therapeutics, Inc.

What type of equity awards were granted to the employee?

The employee received restricted stock units (RSUs) and stock options.

How many RSUs did the employee receive?

The employee received 14,475 RSUs.

How many shares of Acrivon common stock can the employee purchase with the stock options?

The employee can purchase 43,425 shares of Acrivon common stock.

How will the RSUs vest?

The RSUs will vest in 25% annual increments on the first anniversary of the employee's employment.

How will the stock options vest?

The stock options will vest 25% on the first anniversary and in additional 2.083% installments on a monthly basis thereafter.