Forte Biosciences, Inc. Reports Inducement Grants Under Nasdaq Listing Rules

Rhea-AI Summary

Forte Biosciences, Inc. (NASDAQ: FBRX) has announced an equity inducement award of 250,000 shares of common stock to Dr. Hubert Chen, who has joined as Chief Scientific Officer and President. This award, part of the company's 2020 Inducement Equity Incentive Plan, vests over four years, with 25% vesting after one year. Forte is focused on developing treatments for autoimmune diseases, with its lead product, FB-102, being proprietary. The company cautions that forward-looking statements are subject to risks that may affect actual results.

Positive

• Equity inducement award of 250,000 shares bolsters leadership with Dr. Hubert Chen's appointment.
• Forte is focused on autoimmune diseases, enhancing its potential market value.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases today announced the issuance of an equity inducement award as required by the Nasdaq Stock Market Rules.

In accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of Forte’s Board of Directors approved the grant of an equity award to purchase 250,000 shares of common stock to Dr. Hubert Chen, M.D. as a material inducement to Dr. Chen accepting employment with the Company as Chief Scientific Officer and President, with such award vesting over four years, with twenty-five percent vesting on the one-year anniversary of the grant date and the remaining seventy-five percent vesting in equal monthly increments over the succeeding thirty-six months, subject to Dr. Chen’s continuous employment through each vesting date.

The Inducement Award was made under Forte’s 2020 Inducement Equity Incentive Plan and related award agreements and will have terms and conditions generally consistent with those of Forte’s 2021 Equity Incentive Plan.

About Forte

Forte Biosciences, Inc. is a biopharmaceutical company focused on autoimmune diseases. Forte’s lead product, FB-102, is a proprietary molecule developed entirely and wholly-owned by Forte with broad autoimmune applications.

Forward Looking Statements

Forte cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negatives of these terms or other similar expressions. These statements are based on the Company’s current beliefs and expectations. Forward looking statements include statements regarding Forte’s beliefs, goals, intentions and expectations regarding its product candidates. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: risks related to Forte’s ability to obtain sufficient additional capital to continue to advance Forte’s product candidates and preclinical programs; uncertainties associated with the clinical development and regulatory approval of Forte’s product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; the risk that interim results of clinical trials do not necessarily predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; the risk that unforeseen adverse reactions or side effects may occur in the course of developing and testing product candidates; risks associated with the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and risks related to the impact of the COVID-19 outbreak on Forte’s operations, the biotechnology industry and the economy generally. Information on these and additional risks, uncertainties, and other information affecting Forte's business and operating results is contained in Forte’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 as filed with the Securities and Exchange Commission on May 16, 2022 and in its other filings with the Securities and Exchange Commission. All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Forte undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220607005122/en/

Forte Biosciences, Inc.

Paul Wagner, CEO

investors@fortebiorx.com

LifeSci Advisors

Mike Moyer, Managing Director

mmoyer@lifesciadvisors.com

Source: Forte Biosciences, Inc.

FAQ

What is the latest news about Forte Biosciences (FBRX)?

Forte Biosciences announced an equity inducement award to Dr. Hubert Chen as part of his employment as Chief Scientific Officer.

What does the equity inducement award for FBRX entail?

The award involves 250,000 shares vesting over four years, with 25% vesting after one year.

Who is Dr. Hubert Chen in relation to FBRX?

Dr. Hubert Chen is the newly appointed Chief Scientific Officer and President of Forte Biosciences.

What is Forte Biosciences' focus area?

Forte Biosciences specializes in developing treatments for autoimmune diseases.

When did Dr. Hubert Chen join Forte Biosciences?

Dr. Hubert Chen's appointment was announced alongside the equity inducement award.