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

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced on July 15, 2022, the grant of non-statutory stock options totaling 33,620 shares to five new employees, as part of its 2022 Inducement Stock Incentive Plan. Each option has an exercise price of $5.69 per share and a ten-year term. Vesting occurs over four years, with 25% vesting after one year and 6.25% quarterly thereafter. This move aligns with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize new talent in the biopharmaceutical sector focused on rare genetic diseases.

Positive

• Granting of 33,620 stock options may enhance employee retention and incentivize performance.
• Stock options structured to align with long-term company growth and employee commitment.

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• None.

CAMBRIDGE, Mass., July 15, 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 33,620 shares of the Company’s common stock to five new employees. The awards were granted as of July 11, 2022, pursuant to the Company’s 2022 Inducement Stock Incentive Plan, each as an inducement material to the new employees entering into employment with the Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).

Each of the options has an exercise price of $5.69 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on July 11, 2022. Each option has a ten-year term and will 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:

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

FAQ

What was announced by Fulcrum Therapeutics on July 15, 2022?

Fulcrum Therapeutics announced the grant of stock options to new employees as part of its 2022 Inducement Stock Incentive Plan.

How many stock options were granted to new employees at Fulcrum Therapeutics?

Fulcrum Therapeutics granted a total of 33,620 stock options to five new employees.

What is the exercise price of the stock options granted by Fulcrum Therapeutics?

The exercise price of the stock options is $5.69 per share.

What is the vesting schedule for the stock options granted by Fulcrum Therapeutics?

The stock options will vest over four years, with 25% vesting after the first year and 6.25% vesting quarterly thereafter.

What are the lead programs of Fulcrum Therapeutics?

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