PDS Biotechnology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

PDS Biotechnology Corporation (PDSB), a clinical-stage immunotherapy firm, announced on October 19, 2021, the granting of nonstatutory stock options to key personnel including CFO Matthew Hill and others. The options allow the purchase of shares at an exercise price of $12.03, based on the stock's closing price on the grant date. Each option vests over four years, promoting long-term employment. The company focuses on developing cancer immunotherapies utilizing its Versamune^® technology, aiming to enhance T-cell responses against various cancers.

Positive

• Granting stock options may motivate key employees and align their interests with shareholders.
• The use of Versamune^® technology has shown potential in developing effective cancer immunotherapies.

Negative

• None.

FLORHAM PARK, N.J., Oct. 21, 2021 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company’s proprietary Versamune^® T-cell activating technology, today announced that on October 19, 2021 PDS Biotech granted nonstatutory stock options to (a) Matthew Hill, PDS Biotech’s Chief Financial Officer to purchase 202,800 shares of PDS Biotech common stock, (b) Siva K. Gandhapudi, PDS Biotech’s Director, Immunology Drug Development, to purchase 10,000 shares of PDS Biotech’s common stock, (c) Sally Jones, PDS Biotech’s Associate Director, Clinical Operation, to purchase 12,900 shares of PDS Biotech’s common stock, and (d) Mary Banoub, PDS Biotech’s Scientist, R&D, to purchase 2,500 shares of PDS Biotech’s common stock, each in accordance with Nasdaq Listing Rule 5635(c)(4) and PDS Biotech’s 2019 Inducement Plan, as amended, which was adopted on June 17, 2019 and provides for the granting of equity awards to new employees of PDS Biotech.

Each stock option has an exercise price of $12.03, the closing price of PDS Biotech’s common stock on October 19, 2021. Each stock option vests over a four-year period, with one-quarter of the shares vesting on the first anniversary of the grant date and the remaining shares vesting monthly over the 36 month period thereafter, subject to continued employment with the company through the applicable vesting dates.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies based on the Company’s proprietary Versamune^® T-cell activating technology platform. Our Versamune^®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune^® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The company’s pipeline products address various cancers including breast, colon, lung, prostate and ovarian cancers. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune® based products; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune® based products and the Company’s or monitoring committees’ or other third parties’ interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment, significance of milestones, and completion of the trials (including our ability to fully fund our disclosed clinical trials, which assumes no material changes to our currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim results, which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; the acceptance by the market of the Company’s product candidates, if approved; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, the Company’s product candidates; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Media & Investor Relations Contact:

Deanne Randolph
PDS Biotech
Phone: +1 (908) 517-3613
Email: drandolph@pdsbiotech.com

Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
Email: rich@cg.capital

FAQ

What stock options were granted by PDS Biotechnology on October 19, 2021?

PDS Biotechnology granted nonstatutory stock options to several key personnel, including the CFO, allowing them to purchase a total of 226,200 shares at an exercise price of $12.03.

What is the vesting schedule for PDS Biotechnology's stock options?

The stock options vest over a four-year period, with 25% vesting on the first anniversary and the remaining shares vesting monthly over the subsequent 36 months.

What is the significance of the exercise price set for the stock options?

The exercise price of $12.03 is the closing price of PDS Biotechnology's common stock on the grant date, indicating alignment with current market value.

How does PDS Biotechnology's Versamune^® technology work?

Versamune^® technology aims to activate T-cells to recognize and attack cancer cells, potentially overcoming limitations of existing immunotherapies.

What are the future implications of the stock options granted by PDS Biotechnology?

The stock options may enhance employee retention and motivation, which could positively impact the company's performance and shareholder value.