89bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

89bio, Inc. announced the approval of non-qualified stock options for two new employees as part of the 2023 Inducement Plan. The options allow the purchase of 28,400 shares of the company's common stock at the closing price on the grant date. The options will vest over a four-year period, subject to the employees' continued employment.

SAN FRANCISCO, Feb. 05, 2024 (GLOBE NEWSWIRE) -- 89bio, Inc. (the “Company” or “89bio”) (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced that the Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to purchase an aggregate of 28,400 shares of the Company’s common stock to two new employees (the “Inducement Grants”) on the later of February 2, 2024 and the employee’s commencement of employment with the Company (the “Grant Date”). The Inducement Grants have been granted pursuant to the Company’s 2023 Inducement Plan (the “Plan”). The Inducement Grants were granted as an inducement material to these individuals entering into employment with 89bio in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grants have an exercise price per share that is equal to the closing price of 89bio’s common stock on the Grant Date. The Inducement Grants will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of the employee’s start date, and thereafter the remainder of the shares vest in 12 equal quarterly installments, subject to each employee’s continued employment with 89bio through the applicable vesting dates.

About 89bio
89bio is a clinical-stage biopharmaceutical company dedicated to the development of best-in-class therapies for patients with liver and cardiometabolic diseases who lack optimal treatment options. The company is focused on rapidly advancing its lead candidate, pegozafermin, through clinical development for the treatment of nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). Pegozafermin is a specifically engineered, potentially best-in-class fibroblast growth factor 21 (FGF21) analog with unique glycoPEGylated technology that optimizes biological activity through an extended half-life. Pegozafermin has been granted Breakthrough Therapy designation for the treatment of NASH with fibrosis from U.S. Food and Drug Administration (FDA). The company is headquartered in San Francisco. For more information, visit www.89bio.com or follow the company on LinkedIn.

Investor Contact:
Annie Chang
89bio, Inc.
annie.chang@89bio.com

PJ Kelleher
LifeSci Advisors, LLC
+1-617-430-7579
pkelleher@lifesciadvisors.com 

Media Contact:
Sheryl Seapy
Real Chemistry
sseapy@realchemistry.com 

FAQ

What did 89bio announce regarding stock options?

89bio announced the approval of non-qualified stock options for two new employees as part of the 2023 Inducement Plan.

How many shares of the company's common stock can be purchased with the options?

The options allow the purchase of an aggregate of 28,400 shares of the company's common stock.

What is the vesting period for the options?

The options will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of the employee’s start date, and the remainder vesting in 12 equal quarterly installments.

What is the exercise price per share for the options?

The exercise price per share is equal to the closing price of 89bio’s common stock on the Grant Date.