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

Rhea-AI Summary

Biomea Fusion, a clinical-stage biopharmaceutical firm, disclosed on June 3, 2024, that its board's compensation committee granted non-qualified stock options for 25,000 shares to a new employee on June 1, 2024. These shares will vest quarterly over four years, contingent on continued employment. The grant is part of Biomea's 2023 Inducement Equity Plan, aimed at attracting new talent, and adheres to Nasdaq Listing Rule 5635(c)(4). The plan was adopted on November 17, 2023.

Positive

• Granted non-qualified stock options to attract new talent.
• Stock options vest quarterly over four years, promoting long-term employment.
• Adhered to Nasdaq Listing Rule 5635(c)(4).
• 2023 Inducement Equity Plan supports strategic employment growth.

Negative

• The grant involves potential future dilution of stock due to 25,000 new shares.
• Vesting is contingent on the employee's continued employment, which may lead to uncertainties.

REDWOOD CITY, Calif., June 03, 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 genetically defined cancers and metabolic diseases, today announced that on June 1, 2024, the compensation committee of Biomea’s board of directors granted one new employee non-qualified stock options to purchase an aggregate of 25,000 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 pursuant to the terms of Biomea’s 2023 Inducement Equity Plan (the “Plan”) and was granted as an inducement material to the employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). 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 June 3, 2024?

Biomea Fusion announced the grant of non-qualified stock options for 25,000 shares to a new employee as part of its 2023 Inducement Equity Plan.

What is the significance of the stock options granted by Biomea Fusion?

The stock options are intended to attract and retain new talent, with shares vesting quarterly over four years.

When were the stock options granted to Biomea Fusion's new employee?

The stock options were granted on June 1, 2024.

Under which plan were the Biomea Fusion stock options granted?

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

What Nasdaq rule does Biomea Fusion's stock option grant comply with?

The grant complies with Nasdaq Listing Rule 5635(c)(4).