Fate Therapeutics Reports New Employee Inducement Award Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fate Therapeutics grants a non-qualified stock option to a newly-hired employee for 40,000 shares at $7.74 per share. The option vests over four years, aligning with Nasdaq regulations.

SAN DIEGO, March 05, 2024 (GLOBE NEWSWIRE) -- Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune disorders, today announced that the Company granted a non-qualified stock option to one newly-hired employee to purchase a total of 40,000 shares of the Company’s common stock at an exercise price per share of $7.74, which was the closing price per share of the Company’s common stock as reported by NASDAQ on the grant effective date of March 1, 2024. The option was approved by the Compensation Committee of the Company’s Board of Directors and granted under the Company’s Amended and Restated Inducement Equity Plan as an inducement material to the new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The option vests over four years, with 25% vesting on the one-year anniversary of the grant date and the remaining 75% percent vesting in approximately equal monthly installments over the following thirty-six months, subject to the employee being continuously employed by the Company through each vesting date.

About Fate Therapeutics’ iPSC Product Platform
The Company’s proprietary induced pluripotent stem cell (iPSC) product platform enables mass production of off-the-shelf, multiplexed-engineered cell products that are selectively designed, incorporate novel synthetic controls of cell function, and are intended to deliver multiple mechanisms of therapeutic importance to patients. Human iPSCs possess the unique dual properties of unlimited self-renewal and differentiation potential into all cell types of the body. The Company’s platform combines multiplexed engineering and single-cell selection of human iPSCs to create clonal master iPSC lines. Analogous to master cell lines used to mass produce biopharmaceutical drug products such as monoclonal antibodies, the Company utilizes its clonal master iPSC lines as a renewable cell source to manufacture multiplexed-engineered cell products which are well-defined and uniform in composition, can be stored in inventory for off-the-shelf availability, can be combined and administered with other therapies, and can potentially reach a broad patient population. As a result, the Company’s platform is uniquely designed to overcome numerous limitations associated with the manufacture of cell therapies using patient- or donor-sourced cells. Fate Therapeutics’ iPSC product platform is supported by an intellectual property portfolio of over 400 issued patents and 450 pending patent applications.

About Fate Therapeutics, Inc.
Fate Therapeutics is a clinical-stage biopharmaceutical company dedicated to bringing a first-in-class pipeline of induced pluripotent stem cell (iPSC)-derived cellular immunotherapies to patients with cancer and autoimmune disorders. Using its proprietary iPSC product platform, the Company has established a leadership position in creating multiplexed-engineered iPSC lines and in the manufacture and clinical development of off-the-shelf, iPSC-derived cell products. The Company’s pipeline includes iPSC-derived natural killer (NK) cell and T-cell product candidates, which are selectively designed, incorporate novel synthetic controls of cell function, and are intended to deliver multiple therapeutic mechanisms to patients. Fate Therapeutics is headquartered in San Diego, CA. For more information, please visit www.fatetherapeutics.com.

Contact:
Christina Tartaglia
Stern Investor Relations, Inc.
212.362.1200
christina.tartaglia@sternir.com

FAQ

How many shares were granted to the newly-hired employee by Fate Therapeutics?

Fate Therapeutics granted a total of 40,000 shares to the newly-hired employee.

At what price per share were the stock options granted by Fate Therapeutics?

The stock options were granted at an exercise price per share of $7.74.

What is the vesting period for the stock option granted by Fate Therapeutics?

The stock option vests over four years, with 25% vesting on the one-year anniversary and the remaining 75% vesting in monthly installments over the following thirty-six months.

Under which plan was the stock option granted by Fate Therapeutics?

The stock option was granted under Fate Therapeutics' Amended and Restated Inducement Equity Plan.

What is the significance of the stock option grant by Fate Therapeutics?

The stock option grant is an inducement material to new employees entering employment with the Company in accordance with Nasdaq regulations.