Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences (RCUS) has granted stock options for 140,000 shares to thirteen new employees at an exercise price of $35.77, the closing price on April 23, 2021. This move is in accordance with the 2020 Inducement Plan approved by the Board. The company focuses on developing innovative cancer therapies, currently advancing five molecules in clinical trials, including Etrumadenant and AB680, addressing various types of cancers. Arcus aims to meet significant unmet medical needs in the oncology field.

Positive

• Granting of stock options indicates company growth and potential recruitment improvements.
• Five clinical molecules in development, showcasing a robust pipeline.
• Focus on addressing significant unmet needs in oncology.

Negative

• None.

Arcus Biosciences, Inc. (NYSE:RCUS), an oncology-focused biopharmaceutical company working to create best-in-class cancer therapies, today announced that the Compensation Committee of the Company’s Board of Directors granted thirteen new employees options to purchase a total of 140,000 shares of the Company’s common stock at an exercise price per share of $35.77, which was the closing price on April 23, 2021. The stock options were granted pursuant to the Company’s 2020 Inducement Plan, which was approved by the Company’s Board of Directors in January 2020 pursuant to the “inducement exception” under NYSE Listed Company Manual Rule 303A.08.

About Arcus Biosciences

Arcus Biosciences is an oncology-focused biopharmaceutical company leveraging its deep cross-disciplinary expertise to discover highly differentiated therapies and to develop a broad portfolio of novel combinations addressing significant unmet needs. Arcus currently has five molecules in clinical development: Etrumadenant (AB928), the first dual A_2a/A_2b adenosine receptor antagonist to enter the clinic, is being evaluated in multiple Phase 2 and 1b studies across different indications, including prostate, colorectal, non-small cell lung, and pancreatic cancers. AB680, the first small-molecule CD73 inhibitor to enter the clinic, is in Phase 1/1b development for first-line treatment of metastatic pancreatic cancer in combination with zimberelimab and gemcitabine/nab-paclitaxel. Domvanalimab (AB154), an anti-TIGIT monoclonal antibody and new potential immuno-oncology backbone therapy, is in a three-arm randomized Phase 2 study for first-line treatment of PD-L1 ≥ 50% metastatic non-small cell lung cancer (NSCLC) evaluating zimberelimab monotherapy, domvanalimab with zimberelimab and domvanalimab plus etrumadenant with zimberelimab. In addition, domvanalimab has advanced into ARC-10, Arcus’s “two in one trial” to support the potential approvals of both zimberelimab and zimberelimab + domvanalimab and is expected to advance into a registrational study, in collaboration with AstraZeneca, evaluating the curative-intent stage 3 NSCLC setting later this year. AB308, an anti-TIGIT antibody that is FcR-enabled, advanced into clinical development to investigate additional indications, with a focus on hematological malignancies. Zimberelimab (AB122), Arcus’s anti-PD-1 monoclonal antibody, was in-licensed to enable the development of Arcus’s combination regimens and is being evaluated in various combinations across the portfolio. For more information about Arcus Biosciences, please visit www.arcusbio.com.

Inducement PR

Source: Arcus Biosciences

View source version on businesswire.com: https://www.businesswire.com/news/home/20210426005571/en/

FAQ

What did Arcus Biosciences announce on April 26, 2021?

Arcus Biosciences announced granting stock options for 140,000 shares to thirteen new employees at an exercise price of $35.77.

What is the exercise price for the stock options granted by Arcus Biosciences?

The exercise price for the stock options is $35.77, based on the closing price on April 23, 2021.

How many shares did Arcus Biosciences grant in stock options?

Arcus Biosciences granted a total of 140,000 shares in stock options.

What is the focus of Arcus Biosciences?

Arcus Biosciences focuses on developing best-in-class therapies for cancer.

What clinical developments are currently ongoing at Arcus Biosciences?

Arcus has five molecules in clinical development, including Etrumadenant and AB680.