Cullinan Therapeutics, Inc. - CGEM STOCK NEWS

Cullinan Oncology, Inc. (Nasdaq: CGEM) announced the granting of stock options to three new employees, totaling 56,000 shares. The options, part of a Nasdaq inducement plan, have an exercise price of $11.58, matching the stock's closing price on February 1, 2023. Each option features a ten-year term with a vesting schedule: 25% vesting after the first year, followed by equal monthly installments over the next three years, contingent on continued employment. This move aims to attract talent and incentivize long-term commitment among staff as Cullinan focuses on innovative cancer therapies.

Cullinan Oncology, Inc. (Nasdaq: CGEM) announced that the FDA has cleared its IND application for CLN-978, a bispecific antibody targeting CD19/CD3. This construct is designed for the treatment of relapsed/refractory B-cell non-Hodgkin lymphoma (B-NHL). The Phase 1 trial will assess the safety and efficacy of CLN-978, which features a novel design for improved potency and subcutaneous delivery. This marks Cullinan's fourth clinical-stage asset and underscores its dedication to enhancing cancer treatment standards. Furthermore, the IND submission for CLN-617 is anticipated in the first half of 2023.

Cullinan Oncology, a biopharmaceutical focused on cancer therapies, announced the grant of stock options for 86,000 shares to three new employees outside its 2021 Incentive Plan. The options were awarded on December 1, 2022, at an exercise price of $12.26, matching the stock's closing price on that day. Each option will vest over four years, beginning with 25% on the first anniversary. These actions comply with Nasdaq Listing Rule 5635(c)(4), designed to facilitate talent acquisition in line with their growth strategy.

Cullinan Oncology (CGEM) has initiated a pivotal study for zipalertinib in patients with EGFR exon 20 non-small cell lung cancer. The company has increased its ownership in MICA subsidiary from 54% to 92%. Initial clinical data updates for the CLN-049 and CLN-619 programs are expected in mid-2023. As of September 30, 2022, Cullinan has approximately $607 million in cash and investments. The third quarter net loss was $24.9 million, with R&D expenses decreasing to $19.7 million. Leadership changes include the appointment of Jacquelyn Sumer as Chief Legal Officer.

Cullinan Oncology (NASDAQ: CGEM) announced the appointment of Dr. David P. Ryan to its Board of Directors, effective immediately. Dr. Ryan has over 20 years of experience in oncology, currently serving as Clinical Director at Massachusetts General Hospital Cancer Center. He replaces Dr. Ansbert Gadicke, a founding member, who has been instrumental in the company’s transition to a public entity since 2016. Dr. Ryan's expertise in clinical research and gastrointestinal malignancies is expected to support Cullinan's diverse oncology pipeline.

Cullinan Oncology, Inc. (Nasdaq: CGEM) announced the granting of stock options for 147,000 shares to four new employees on November 1, 2022. The options, issued outside of its 2021 Stock Option and Incentive Plan, feature an exercise price of $13.26, matching the company's closing stock price on the grant date. Each option vests over four years, with the first installment vesting after one year. This grant follows Nasdaq Listing Rule 5635(c)(4), aimed at incentivizing new hires as Cullinan continues its focus on developing targeted oncology therapies.

Cullinan Oncology (Nasdaq: CGEM) has announced its participation in several upcoming investor conferences. CFO Jeff Trigilio will present at the Credit Suisse 31st Annual Healthcare Conference on November 8, 2022, at 11:35 a.m. EST. CEO Nadim Ahmed will speak at the Stifel 2022 Healthcare Conference in New York on November 16, 2022, at 4:45 p.m. EST, and will also participate in a virtual fireside chat at the Evercore ISI 5th Annual HEALTHCONx conference on December 1, 2022, at 8:25 a.m. EST. Webcasts of these events will be available on the company's investor relations website.

Cullinan Oncology, Inc. (Nasdaq: CGEM) has increased its ownership in Cullinan MICA, Inc. from 54% to 92% after acquiring shares from financial investors Avalon Ventures and Bregua Corporation for $30.7 million. This strategic move emphasizes the importance of CLN-619, an antibody designed to enhance tumor cell destruction by immune cells, in Cullinan's cancer treatment pipeline. The ongoing Phase I clinical trial of CLN-619 aims to report initial data in mid-2023, highlighting its potential as a first-in-class therapy for various cancers.

Cullinan Oncology (Nasdaq: CGEM) announced on October 3, 2022, that its Board of Directors granted stock options for 242,000 shares of common stock to seven employees. This grant is part of an inducement offer for new hires, aligning with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $12.83, matching the closing stock price on the grant date. Each option has a ten-year term, vesting over four years, with a quarter vesting after one year and the remainder in equal monthly installments over the following 36 months.