Plus Therapeutics Announces New Employment Inducement Grants
Plus Therapeutics, Inc. (PSTV) announced the granting of option awards to Dr. Norman LaFrance on November 11, 2021, as part of his induction as Chief Medical Officer. The awards include options to purchase up to 120,000 shares of common stock, vesting over four years with specific conditions related to Dr. LaFrance's continued service. This move aims to align his interests with those of the shareholders. The options were granted outside of the company's 2020 Incentive Plan but follow similar terms. Plus Therapeutics is focused on innovative treatments for cancer.
- Granting of 120,000 options to Dr. LaFrance aligns his interests with shareholders.
- The appointment of a highly qualified CMO may enhance company leadership.
- The stock may experience volatility due to performance dependence on new CMO.
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AUSTIN, Texas, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”), a clinical-stage pharmaceutical company developing innovative, targeted radiotherapeutics for rare and difficult-to-treat cancers, today announced that on November 11, 2021, it granted option awards to Norman LaFrance, M.D. Consistent with the disclosures contained in the Company’s Form 8-K filed with the U.S. Securities and Exchange Commission on September 13, 2021, the Company agreed to grant these equity awards on Dr. LaFrance’s start date to induce Dr. LaFrance to commence employment as its Chief Medical Officer.
The approved option awards are options to purchase up to 120,000 shares of the common stock of the Company. The options are scheduled to vest over four years, with one-fourth of the options vesting on the first anniversary of the grant date with the remaining options vesting thereafter in equal monthly installments. The vesting of the options is also subject to certain requirements, including Dr. LaFrance’s continued service as an employee of the Company through the applicable vesting dates. The exercise price of the options is equal to the closing price of the Company’s common stock on November 11, 2021, the grant date.
The Company believes that these equity grants create a strong alignment of interests between Dr. LaFrance and Company shareholders. The equity awards were granted outside of the Company’s 2020 Incentive Plan but generally have terms and conditions consistent with those set forth in that plan. The Company has filed a Form S-8 covering these equity awards.
About Norman LaFrance
Prior to joining the Company, Dr. LaFrance served as the Chief Medical Officer, Senior Vice President, at Jubilant Pharma Ltd, where he was responsible for all Pharma Medical and Regulatory Affairs activities. Dr. LaFrance also served as Global Chief Medical Officer at IBA Molecular from 2010 to 2012, and as Senior Vice President, Clinical Development and Chief Medical Officer at Molecular Insight Pharmaceuticals from 2007 to 2010. Prior to joining Molecular Insight Pharmaceuticals, Dr. LaFrance practiced medicine and held academic faculty appointments at Johns Hopkins University School of Medicine in the departments of medicine and radiology and the Department of Radiological Sciences in the John Hopkins School of Hygiene and Public Health. He is Double Board Certified with Fellowship status both in internal medicine and nuclear medicine, maintains active medical licensure in the U.S. along with active, professional society membership.
Dr. LaFrance received his bachelor of science and master of engineering degrees in nuclear engineering and science from Rensselaer Polytechnic Institute, and his medical degree from the University of Arizona, College of Medicine, Tucson.
About Plus Therapeutics, Inc.
Plus Therapeutics, Inc. is a clinical-stage pharmaceutical company focused on the development, manufacture, and commercialization of complex and innovative treatments for patients battling cancer and other life-threatening diseases.
Our proprietary nanotechnology platform is currently centered around the enhanced delivery of a variety of drugs using novel liposomal encapsulation technology. Liposomal encapsulation has been extensively explored and undergone significant technical and commercial advances since it was first developed. Our platform is designed to facilitate new delivery approaches and/or formulations of safe and effective, injectable drugs, potentially enhancing the safety, efficacy and convenience for patients and healthcare providers. More information may be found at PlusTherapeutics.com and ReSPECT-Trials.com.
Investor Contact
Peter Vozzo
ICR Westwicke
(443) 377-4767
Peter.Vozzo@westwicke.com
Media Contact
Terri Clevenger
ICR Westwicke
(203) 856-4326
Terri.Clevenger@westwicke.com
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