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

Rhea-AI Summary

Biomea Fusion, Inc. granted 8 new employees non-qualified stock options to purchase 80,250 shares of common stock. The options will vest quarterly over four years, contingent on continued employment. These awards were made under the 2023 Inducement Equity Plan to attract new talent, in compliance with Nasdaq rules.

REDWOOD CITY, Calif., May 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 genetically defined cancers and metabolic diseases, today announced that on May 1, 2024, the compensation committee of Biomea’s board of directors granted 8 new employees non-qualified stock options to purchase an aggregate of 80,250 shares of the Company’s common stock. The shares underlying each employee’s stock options will vest 1/16 on a quarterly basis over four years, in each case subject to each such employee’s continued employment with the Company on such vesting dates. All of the above-described awards were made under Biomea’s 2023 Inducement Equity Plan (the “Plan”).

The above-described awards were each granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were 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

How many employees were granted stock options by Biomea Fusion, Inc.?

Biomea Fusion, Inc. granted stock options to 8 new employees.

How many shares of common stock can be purchased through the stock options?

A total of 80,250 shares of the Company’s common stock can be purchased through the stock options.

What is the vesting schedule for the stock options?

The shares underlying each employee’s stock options will vest 1/16 on a quarterly basis over four years.

When was the Plan under which the awards were granted adopted by Biomea’s board of directors?

The Plan under which the awards were granted was adopted by Biomea’s board of directors on November 17, 2023.

Why were the awards granted to the employees?

The awards were granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).