Fulcrum Therapeutics™ Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Fulcrum Therapeutics (Nasdaq: FULC) announced the grant of a nonstatutory stock option to Mel Hayes, its newly appointed Chief Commercial Officer, as part of an inducement award. The award includes an option to purchase up to 140,000 shares at an exercise price of $28.49. This grant, approved on August 4, 2021, is valid for ten years and vests over four years. Fulcrum focuses on patients with rare genetically defined diseases, advancing treatments like losmapimod for facioscapulohumeral muscular dystrophy and FTX-6058 for sickle cell disease.

Positive

• Inducement grant to new Chief Commercial Officer could enhance company leadership.
• The stock option encourages retention and aligns interests of new executive with shareholder value.

Negative

• Stock option grants may dilute existing shareholders' equity.

CAMBRIDGE, Mass., Sept. 10, 2021 (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 Mel Hayes, the Company’s newly appointed Chief Commercial Officer. The grant was approved by the Compensation Committee on August 4, 2021 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 140,000 shares of common stock. The option has an exercise price of $28.49 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on September 7, 2021. 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 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 proprietary product engine, FulcrumSeek™, identifies drug targets which can modulate gene expression to treat the known root cause of gene mis-expression. Fulcrum has advanced losmapimod to Phase 2 clinical development for the treatment of facioscapulohumeral muscular dystrophy (FSHD). Fulcrum has also advanced FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and beta-thalassemia, into Phase 1 clinical development.

Contact:

Investors:

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

                

FAQ

What stock option was granted to Mel Hayes at Fulcrum Therapeutics?

Mel Hayes received a stock option to purchase up to 140,000 shares at an exercise price of $28.49.

When was the inducement award for Mel Hayes approved?

The inducement award was approved on August 4, 2021.

What is the vesting schedule for Mel Hayes' stock option at Fulcrum Therapeutics?

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

What is the focus of Fulcrum Therapeutics?

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

What are the clinical developments of Fulcrum Therapeutics?

Fulcrum has advanced losmapimod to Phase 2 for facioscapulohumeral muscular dystrophy and FTX-6058 into Phase 1 for sickle cell disease.