Olema Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Olema Pharmaceuticals, Inc. (Nasdaq: OLMA) announced the grant of stock options to two new employees, totaling 11,800 shares, effective April 3, 2023. The options, part of the 2022 Inducement Plan, vest over four years, with 25% on the first anniversary and the remainder monthly for three years. The exercise price is set at $3.49, reflecting the last reported stock price. This move underscores Olema's commitment to attracting talent as it develops targeted therapies for women’s cancers, particularly the lead candidate, OP-1250, which is in Phase 2 trials for ER-positive breast cancer.
- Granting stock options may enhance employee retention and motivation.
- The exercise price aligns with the current stock price, indicating potential value for employees.
- Olema's focus on women's cancers could position it strategically within the biopharmaceutical market.
- None.
SAN FRANCISCO, April 04, 2023 (GLOBE NEWSWIRE) -- Olema Pharmaceuticals, Inc. (“Olema” or “Olema Oncology”, Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies for women’s cancers, today announced that the Company granted stock options to two new employees to purchase an aggregate of 11,800 shares of the Company's common stock, effective as of April 3, 2023. These awards were approved by the Compensation Committee of Olema’s Board of Directors and granted under the Company's 2022 Inducement Plan, with a grant date of April 3, 2023, as an inducement material to the new employee entering into employment with Olema, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options vest over four years, with 25 percent vesting on the first anniversary of the vesting commencement date for such employee and the remainder vesting in 36 equal monthly installments over the following three years, subject to the employee being continuously employed by Olema as of such vesting dates. The stock options have a 10-year term and an exercise price of
Olema is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
About Olema Oncology
Olema Oncology is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women’s cancers. Olema’s lead product candidate, OP-1250, is a proprietary, orally-available small molecule with dual activity as both a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD). It is currently being evaluated both as a single agent in an ongoing Phase 2 clinical trial, and in combination with CDK4/6 inhibitors (palbociclib and ribociclib) and a PI3Ka inhibitor (alpelisib), in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. OP-1250 has been granted FDA Fast Track designation for the treatment of ER+/HER2- metastatic breast cancer that has progressed following one or more lines of endocrine therapy with at least one line given in combination with a CDK4/6 inhibitor. Olema is headquartered in San Francisco and has operations in Cambridge, Massachusetts.
Contact:
Shane Kovacs, Chief Operating and Financial Officer
ir@olema.com
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