Alector Reports Inducement Grants as permitted by the Nasdaq Listing Rules

Rhea-AI Summary

Alector, Inc. (Nasdaq: ALEC) announced on March 1, 2022, that its board's compensation committee granted newly appointed CFO, Marc Grasso, M.D., an inducement equity grant consisting of stock options for 450,000 shares. The options' exercise price is set at $15.49, matching the stock's closing price on the grant date. These options vest monthly over four years, contingent on Dr. Grasso's continued employment. Alector focuses on immuno-neurology, targeting immune dysfunction to develop therapies for neurodegenerative diseases.

Positive

• Appointment of Marc Grasso, M.D. as CFO enhances leadership.
• Inducement stock options align interests of new CFO with shareholders.
• Alector's focus on immuno-neurology positions it in a growing therapeutic area.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., March 01, 2022 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering immuno-neurology, today announced that the compensation committee of Alector’s board of directors granted Marc Grasso, M.D., the company’s newly-hired Chief Financial Officer, an inducement equity grant on March 1, 2022, consisting of inducement stock options to purchase an aggregate of 450,000 shares of the company’s common stock. These inducement stock options are subject to the terms of Alector’s 2022 Inducement Equity Incentive Plan and related forms of agreements and were granted as inducements material to new employees entering into employment with Alector in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have an exercise price of $15.49 per share, which is equal to the closing price of Alector’s common stock on the grant date. The inducement stock options vest monthly over 48 months in equal monthly amounts subject to Dr. Grasso’s continued employment with the Company.

About Alector

Alector is a clinical-stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases. Immuno-neurology targets immune dysfunction as a root cause of multiple pathologies that are drivers of degenerative brain disorders. Alector has discovered and is developing a broad portfolio of innate immune system programs, designed to functionally repair genetic mutations that cause dysfunction of the brain’s immune system and enable the rejuvenated immune cells to counteract emerging brain pathologies. Alector’s immuno-neurology product candidates are supported by biomarkers and target genetically defined patient populations in frontotemporal dementia and Alzheimer’s disease. This scientific approach is also the basis for the company’s immuno-oncology programs. Alector is headquartered in South San Francisco, California. For additional information, please visit www.alector.com.

Contacts

1AB (media)
Dan Budwick
973-271-6085
dan@1abmedia.com 

Argot Partners (investors)
Laura Perry/Eric Kasper
Argot Partners
212.600.1902
alector@argotpartners.com 

 

FAQ

What is Alector's recent stock option grant dated March 1, 2022?

On March 1, 2022, Alector granted CFO Marc Grasso 450,000 inducement stock options at an exercise price of $15.49.

How does Alector's stock option plan work for new employees?

The stock options vest monthly over 48 months, contingent upon ongoing employment with Alector.

What does Alector focus on in its biotechnology efforts?

Alector specializes in immuno-neurology, targeting immune dysfunction to develop treatments for neurodegenerative diseases.

How does the inducement equity grant affect Alector shareholders?

The inducement equity grant aligns the interests of newly hired CFO with shareholders, potentially enhancing company performance.