Cullinan Oncology Announces Appointment of Jacquelyn Sumer as Chief Legal Officer

Rhea-AI Summary

Cullinan Oncology (Nasdaq: CGEM) announced the appointment of Jacquelyn Sumer, J.D., as Chief Legal Officer, effective immediately. Sumer brings nearly 20 years of legal experience in cancer therapy development and commercialization. Previously serving at Genocea Biosciences and Bristol Myers Squibb, her expertise is expected to support Cullinan's strategy as a late-stage oncology company. As part of her induction, she received a stock option to purchase 190,000 shares at an exercise price of $14.16, aligning with the company's closing stock price on August 15, 2022.

Positive

• Jackie Sumer's extensive experience in cancer therapy legal affairs could strengthen the company's compliance and strategic direction.
• Her understanding of clinical development may enhance Cullinan's ability to navigate regulatory challenges.

Negative

• Dependence on new leadership might create continuity challenges during transition.
• Potential experience gaps in the current management structure if not seamlessly integrated.

CAMBRIDGE, Mass., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (Nasdaq: CGEM) (“Cullinan Oncology”), a biopharmaceutical company focused on developing a diversified pipeline of targeted therapeutic candidates across multiple modalities for patients with cancer, today announced that Jacquelyn (Jackie) Sumer, J.D., will join the company as Chief Legal Officer. Jackie brings with her nearly two decades of legal and strategic leadership experience, with proven skills in navigating legal and compliance issues through clinical development and commercialization of cancer therapies.

“The appointment of Jackie as Chief Legal Officer brings her exceptional expertise and legal guidance as our portfolio advances and Cullinan Oncology continues to grow as a late-stage oncology company,” said Nadim Ahmed, Chief Executive Officer of Cullinan Oncology. “With our dedication to creating new standards of care for patients with cancer, and through her extensive development and commercialization legal experience, Jackie will be an important addition to our leadership team.”

In her most recent role, Jackie served as Chief Legal and Compliance Officer at Genocea Biosciences. Prior to that, Jackie was Vice President, Assistant General Counsel at Bristol Myers Squibb, where she led the Worldwide Hematology and Cell Therapy Legal team, following a role as head of Celgene Corporation’s CAR T legal team. Jackie began her legal career at Kaye Scholer, LLP, and clerked for the Honorable Gladys Kessler at the United States District Court in Washington, D.C. She holds a J.D. and a Master of Laws in international and comparative law from Duke University School of Law and a B.A. from Bucknell University.

In connection with her appointment as Chief Legal Officer, the compensation committee of Cullinan Oncology’s Board of Directors granted Ms. Sumer a stock option award to purchase 190,000 shares of its common stock outside of the Cullinan Oncology, Inc. 2021 Stock Option and Incentive Plan. The stock option award was granted as an inducement material to Jackie entering into employment with Cullinan, in accordance with Nasdaq Listing Rule 5635(c)(4).

The option has an exercise price of $14.16, which is equal to the closing price of Cullinan Oncology’s common stock on August 15, 2022. The option has a ten-year term and vests over four years, with 25 percent of the original number of shares underlying the option vesting on the one-year anniversary of the vesting commencement date and then in equal installments for 36 months thereafter, subject to Ms. Sumer’s continued service with Cullinan through the applicable vesting dates.

About Cullinan Oncology
Cullinan Oncology, Inc. (Nasdaq: CGEM) is a biopharmaceutical company dedicated to creating new standards of care for patients with cancer. We innovate without borders to find the most promising clinic-ready cancer therapies, whether from our own discovery efforts or through exceptional engagement with our academic and industry partners. Anchored in a deep understanding of immuno-oncology and translational cancer medicine, we leverage our scientific excellence in small molecules and biologics to create differentiated ideas, identify unique targets, and select the optimal modality to develop transformative therapeutics across cancer indications. Powered by our novel research model, we push conventional boundaries from candidate selection to cancer therapeutic, applying rigorous early experimentation to fast-track only the most promising assets to the clinic and ultimately commercialization. As a result, our diversified pipeline is strategically built with assets that activate the immune system or inhibit key oncogenic drivers across a wide range of modalities, each with the potential to be the best or first in their class. Our people possess deep scientific expertise, seek innovation openly, and exercise creativity and urgency to deliver on our promise to bring new therapeutic solutions to patients with cancer. Learn more about our Company at www.cullinanoncology.com, and follow us on LinkedIn and Twitter.

Contacts
Investor Relations
Chad Messer
+1 203.464.8900
cmesser@cullinanoncology.com

Media
Rose Weldon
+1 215.801.7644
rweldon@cullinanoncology.com

FAQ

Who is the new Chief Legal Officer of Cullinan Oncology?

The new Chief Legal Officer of Cullinan Oncology is Jacquelyn Sumer, J.D.

What experience does Jacquelyn Sumer bring to Cullinan Oncology?

Jacquelyn Sumer has nearly 20 years of experience in legal and strategic roles in cancer therapy development and commercialization.

What are the details of the stock option granted to Jacquelyn Sumer?

Jacquelyn Sumer was granted a stock option award to purchase 190,000 shares at an exercise price of $14.16, vesting over four years.

What impact might Jacquelyn Sumer's appointment have on Cullinan Oncology?

Her appointment may enhance Cullinan's legal and strategic capabilities, supporting the company's growth in late-stage oncology.