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

Rhea-AI Summary

Fulcrum Therapeutics (NASDAQ: FULC) announced on February 11, 2022, the grant of inducement awards to Amy Winnen, the new Vice President, Head of Market Value, Access and Policy. The award includes a nonstatutory option to purchase 43,260 shares at an exercise price of $10.93, the closing price on February 7, 2022. Approved by independent directors, the option vests over four years and is part of Nasdaq Listing Rule compliance. Fulcrum focuses on developing treatments for genetically defined rare diseases, with lead programs targeting facioscapulohumeral muscular dystrophy and sickle cell disease.

Positive

• Inducement awards granted to a new executive, potentially enhancing leadership.
• Focus on genetically defined rare diseases, indicating a targeted market approach.

Negative

• High compensation structure may raise concerns over management expenses.

CAMBRIDGE, Mass., Feb. 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 the grant of inducement awards outside of the Company’s 2019 Stock Incentive Plan to Amy Winnen, the Company’s newly appointed Vice President, Head of Market Value, Access and Policy. The grant was approved by a majority of the independent directors of the Company on February 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 43,260 shares of common stock. The option has an exercise price of $10.93 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on February 7, 2022. The option has a ten-year term and vest 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
cwaarich@fulcrumtx.com
617-651-8664

FAQ

What are the details of the inducement awards granted by Fulcrum Therapeutics?

Fulcrum Therapeutics granted inducement awards to Amy Winnen, consisting of a nonstatutory option to purchase 43,260 shares at $10.93 each, vesting over four years.

What is Fulcrum Therapeutics' focus in the biopharmaceutical industry?

Fulcrum Therapeutics focuses on improving lives through treatments for genetically defined rare diseases with high unmet medical needs.

What are Fulcrum Therapeutics' lead programs?

The lead programs include losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease and other hemoglobinopathies.

What compliance rule did Fulcrum Therapeutics adhere to with the inducement awards?

Fulcrum Therapeutics adhered to Nasdaq Listing Rule 5635(c)(4) regarding the inducement awards granted.