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

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the granting of non-statutory stock options totaling 478,820 shares to four new employees, including 400,000 shares to Santiago Arroyo, M.D., Ph.D., the new Chief Medical Officer. The options, priced at $5.61 per share, are part of the 2022 Inducement Stock Incentive Plan and include a ten-year term with vesting over four years. Fulcrum is dedicated to addressing genetically defined rare diseases, focusing on advancing its lead drugs for facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Granting of 478,820 stock options indicates company growth and attracting talent.
• Appointment of a Chief Medical Officer, Dr. Santiago Arroyo, may enhance clinical development efforts.

Negative

• None.

CAMBRIDGE, Mass., Nov. 11, 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 that the Company granted non-statutory stock options to new employees as inducement awards outside of the Company’s 2019 Stock Incentive Plan.

Fulcrum granted stock options to purchase an aggregate of 478,820 shares of the Company’s common stock to four new employees, including a grant of 400,000 shares to Santiago Arroyo, M.D., Ph.D., the Company’s newly appointed Chief Medical Officer. The award was granted as of November 7, 2022, pursuant to the Company’s 2022 Inducement Stock Incentive Plan, as an inducement material to new employees entering into employment with Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).

Each option has an exercise price of $5.61 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on November 7, 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:

Dee Smith
Executive Director, Corporate Communications
Fulcrum Therapeutics, Inc.
(202) 746-1324

FAQ

What are the details of the stock options granted by Fulcrum Therapeutics?

Fulcrum granted stock options for 478,820 shares, including 400,000 shares to new Chief Medical Officer, Dr. Santiago Arroyo, at an exercise price of $5.61 per share.

Who received stock options from Fulcrum Therapeutics?

Four new employees received stock options, with a significant grant of 400,000 shares awarded to Dr. Santiago Arroyo.

What is the purpose of the stock options granted by Fulcrum Therapeutics?

The stock options were granted as inducement awards to attract new employees in line with Nasdaq Listing Rule 5635(c)(4).

How long is the vesting period for the stock options granted by Fulcrum?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder in quarterly installments.

What are Fulcrum Therapeutics' key therapeutic areas?

Fulcrum focuses on genetically defined rare diseases, with lead programs targeting facioscapulohumeral muscular dystrophy and sickle cell disease.