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

Rhea-AI Summary

89bio (Nasdaq: ETNB) has announced the approval of Inducement Grants by its Compensation Committee. These grants include non-qualified stock options for 19,800 shares to two new employees and 350,000 shares to the newly-hired Chief Operating Officer, Francis Sarena. The grants, made on August 5, 2024, are part of the company's 2023 Inducement Plan and comply with Nasdaq Listing Rule 5635(c)(4).

The exercise price of the options is equal to 89bio's closing stock price on the grant date. The vesting schedule spans four years, with 25% vesting after one year and the remainder vesting in 12 equal quarterly installments, contingent on continued employment.

Positive

• Appointment of a new Chief Operating Officer, Francis Sarena
• Granting of stock options to attract and retain key employees

Negative

• Potential dilution of existing shareholders due to the issuance of new stock options

SAN FRANCISCO, Aug. 09, 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 19,800 shares of the Company’s common stock to two new employees and 350,000 shares of the Company’s common stock to the newly-hired Chief Operating Officer, Francis Sarena (the “Inducement Grants”) on August 5, 2024 (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 in Phase 3 studies for its lead candidate, pegozafermin, for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) 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. 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.
investors@89bio.com

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

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

FAQ

How many shares were granted in 89bio's (ETNB) Inducement Grants on August 5, 2024?

89bio (ETNB) granted options for a total of 369,800 shares, with 19,800 shares to two new employees and 350,000 shares to the new Chief Operating Officer.

What is the vesting schedule for 89bio's (ETNB) Inducement Grants announced on August 9, 2024?

The Inducement Grants vest over four years, with 25% vesting after one year and the remainder vesting in 12 equal quarterly installments, subject to continued employment.

Who is the newly-hired Chief Operating Officer of 89bio (ETNB) mentioned in the August 9, 2024 press release?

The newly-hired Chief Operating Officer of 89bio (ETNB) is Francis Sarena, as mentioned in the press release.

What is the exercise price of the stock options granted by 89bio (ETNB) on August 5, 2024?

The exercise price of the stock options is equal to the closing price of 89bio's (ETNB) common stock on the grant date, August 5, 2024.