Biomea Fusion, Inc. Reports Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Biomea Fusion (Nasdaq: BMEA), a clinical stage biopharmaceutical company targeting metabolic diseases and genetically defined cancers, announced a grant of non-qualified stock options to a new employee. This grant, approved by the compensation committee on August 1, 2024, allows the purchase of 7,500 shares of Biomea's common stock. The stock options will vest quarterly over four years, contingent upon the employee's continued employment. These options were awarded under the Biomea 2023 Inducement Equity Plan, adhering to Nasdaq Listing Rule 5635(c)(4), and were a material inducement for the employee's hiring.

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• None.

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• Grant of stock options might lead to potential dilution of shares if the employee exercises stock options.

REDWOOD CITY, Calif., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Biomea Fusion, Inc. (Nasdaq: BMEA) (“Biomea” or the “Company”), a clinical stage biopharmaceutical company focused on the discovery and development of covalent small molecules to treat patients with metabolic diseases and genetically defined cancers, today announced that on August 1, 2024, the compensation committee of Biomea’s board of directors granted one new employee non-qualified stock options to purchase an aggregate of 7,500 shares of the Company’s common stock. The shares underlying the employee’s stock options will vest 1/16 on a quarterly basis over four years, subject to the employee’s continued employment with the Company on such vesting dates. The above-described award was made under Biomea’s 2023 Inducement Equity Plan (the “Plan”).

The above-described award was granted as an inducement material to the employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and was granted pursuant to the terms of the Plan. The Plan was adopted by Biomea’s board of directors on November 17, 2023.

About Biomea Fusion

Biomea Fusion is a clinical stage biopharmaceutical company focused on the discovery and development of oral covalent small molecules to treat patients with metabolic diseases and genetically defined cancers. A covalent small molecule is a synthetic compound that forms a permanent bond to its target protein and offers a number of potential advantages over conventional non-covalent drugs, including greater target selectivity, lower drug exposure, and the ability to drive a deeper, more durable response.

We are utilizing our proprietary FUSION™ System to discover, design and develop a pipeline of next-generation covalent-binding small molecule medicines designed to maximize clinical benefit for patients with various cancers and metabolic diseases, including diabetes. We aim to have an outsized impact on the treatment of disease for the patients we serve. We aim to cure.

Visit us at biomeafusion.com and follow us on LinkedIn, Twitter and Facebook.

FAQ

What did Biomea Fusion announce on August 1, 2024?

Biomea Fusion announced the grant of non-qualified stock options to a new employee, allowing the purchase of 7,500 shares of the company's common stock.

What is the ticker symbol for Biomea Fusion?

The ticker symbol for Biomea Fusion is BMEA.

Under which plan were the stock options granted?

The stock options were granted under Biomea Fusion's 2023 Inducement Equity Plan.

How will the stock options granted to the new employee vest?

The stock options will vest 1/16 on a quarterly basis over four years, subject to continued employment with Biomea Fusion.

Why were the stock options granted to the new employee?

The stock options were granted as a material inducement for the new employee to join Biomea Fusion, in accordance with Nasdaq Listing Rule 5635(c)(4).