Fulcrum Therapeutics® Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the grant of an inducement award to newly appointed CFO Esther Rajavelu, approved by independent directors on January 3, 2022. The award includes a nonstatutory option to purchase 200,000 shares at an exercise price of $17.82, equal to the closing stock price on the grant date. The option has a ten-year term with 25% vesting after one year and subsequent quarterly vesting over three years, contingent on continued service. Fulcrum focuses on rare genetic diseases with lead programs targeting facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Inducement grant approved for new CFO, enhancing leadership potential.
• Stock options align CFO's interests with shareholder value.

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• None.

CAMBRIDGE, Mass., Jan. 07, 2022 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc. (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases, today announced the grant of an inducement award outside of the Company’s 2019 Stock Incentive Plan to Esther Rajavelu, the Company’s newly appointed Chief Financial Officer. The grant was approved by a majority of the independent directors of the Company on January 3, 2022 as an inducement material to the employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grant consisted of a nonstatutory option to purchase up to 200,000 shares of common stock. The option has an exercise price of $17.82 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on January 3, 2022. The option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s start date and an additional 6.25% of the shares vesting in equal quarterly installments over the twelve successive quarters following the first anniversary, subject to such employee’s continued service with the Company through the applicable vesting dates.

About Fulcrum Therapeutics

Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Fulcrum’s two lead programs in clinical development are losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy (FSHD) and FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and other hemoglobinopathies, including beta-thalassemia. The company’s proprietary product engine, FulcrumSeek™, identifies drug targets that can modulate gene expression to treat the known root cause of gene mis-expression.  

Contact:

Investors:

Christi Waarich
Director, Investor Relations and Corporate Communications
cwaarich@fulcrumtx.com
617-651-8664

FAQ

What is the inducement award granted to CFO Esther Rajavelu at Fulcrum Therapeutics?

The inducement award includes a nonstatutory option to purchase 200,000 shares at an exercise price of $17.82, with a ten-year term and vesting conditions.

When was the inducement award for Fulcrum's CFO approved?

The inducement award was approved on January 3, 2022.

What is Fulcrum Therapeutics focused on?

Fulcrum Therapeutics focuses on improving the lives of patients with genetically defined rare diseases.

What are the lead programs of Fulcrum Therapeutics?

Fulcrum's lead programs are losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease.

What is the exercise price for the CFO's stock option at Fulcrum?

The exercise price for the stock option is $17.82 per share.