Olema Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Olema Pharmaceuticals, a clinical-stage biopharmaceutical company, has granted stock options to two new employees. The options allow them to purchase a total of 29,100 shares of the company's common stock. The options vest over four years, with 25% vesting on the first anniversary and the rest vesting in equal monthly installments over the following three years. The options have a 10-year term and an exercise price of $9.08 per share.

SAN FRANCISCO, Aug. 02, 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 29,100 shares of the Company's common stock, effective as of August 1, 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 August 1, 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 $9.08 per share, equal to the last reported sale price of the Company's common stock as reported by Nasdaq on August 1, 2023. The stock options are subject to the terms of the Olema Pharmaceuticals, Inc., 2022 Inducement Plan.

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

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is Olema Pharmaceuticals, Inc.

What is the purpose of Olema Pharmaceuticals?

Olema Pharmaceuticals is focused on the discovery, development, and commercialization of targeted therapies for women's cancers.

How many stock options were granted to the new employees?

The new employees were granted stock options to purchase a total of 29,100 shares of the company's common stock.

How do the stock options vest?

The stock options vest over four years, with 25% vesting on the first anniversary and the remainder vesting in 36 equal monthly installments over the following three years.

What is the exercise price of the stock options?

The exercise price of the stock options is $9.08 per share.