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

Rhea-AI Summary

Fate Therapeutics (FATE) granted 6,400 restricted stock units to a new non-executive employee. The RSUs will vest over four years, subject to continuous employment. The grant was approved by the Compensation Committee under Nasdaq Listing Rule 5635(c)(4).

SAN DIEGO, April 02, 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 on April 1, 2024 the Company granted restricted stock units (RSUs) representing 6,400 shares of its common stock to one newly-hired non-executive employee. The grant 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 RSUs will vest over four years, with 25% of the shares underlying each RSU award vesting on each anniversary of the grant date, 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 restricted stock units did Fate Therapeutics (FATE) grant to the new employee?

Fate Therapeutics granted 6,400 restricted stock units to the new non-executive employee.

Under what plan were the restricted stock units granted by Fate Therapeutics (FATE)?

The restricted stock units were granted under Fate Therapeutics' Amended and Restated Inducement Equity Plan.

How long will it take for the restricted stock units to vest?

The restricted stock units will vest over four years, with 25% of the shares underlying each RSU award vesting on each anniversary of the grant date.

What is the condition for the restricted stock units to vest?

The RSUs will vest subject to the employee being continuously employed by Fate Therapeutics through each vesting date.

Who approved the grant of restricted stock units at Fate Therapeutics (FATE)?

The grant was approved by the Compensation Committee of Fate Therapeutics' Board of Directors.