Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences (NYSE:RCUS) granted stock options to ten new employees, allowing them to purchase a total of 115,800 shares at $24.76 per share, the closing price on June 8, 2021. This grant is part of the Company’s 2020 Inducement Plan approved in January 2020. Arcus is focused on developing cancer therapies, with five molecules in clinical development, including Etrumadenant, AB680, and Domvanalimab, targeting various cancers. The Company's ongoing trials aim to address significant unmet needs in oncology.

Positive

• Grant of 115,800 stock options at a competitive exercise price of $24.76.
• Increased employee incentives which may enhance retention and productivity.
• Focus on innovative cancer therapies with five molecules in clinical development.

Negative

• Stock options may dilute existing shareholders' equity.

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 ten new employees options to purchase a total of 115,800 shares of the Company’s common stock at an exercise price per share of $24.76, which was the closing price on June 8, 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 in combination with zimberelimab and gemcitabine/nab-paclitaxel for first-line treatment of metastatic pancreatic cancer. Domvanalimab (AB154), an anti-TIGIT monoclonal antibody and new potential immuno-oncology backbone therapy, is in a three-arm randomized Phase 2 study evaluating zimberelimab monotherapy, domvanalimab plus zimberelimab and domvanalimab plus etrumadenant plus zimberelimab for first-line treatment of PD-L1 ≥ 50% metastatic non-small cell lung cancer (NSCLC). In addition, domvanalimab has advanced into ARC-10, Arcus’s “two in one trial” to support the potential approvals of both zimberelimab and zimberelimab plus 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, is in clinical development, with a potential focus on hematological malignancies. Zimberelimab (AB122), Arcus’s anti-PD-1 monoclonal antibody, 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/20210609005185/en/

FAQ

What is the significance of the stock options granted by Arcus Biosciences on June 8, 2021?

Arcus Biosciences granted stock options to ten employees to incentivize performance, potentially impacting shareholder equity through dilution.

How many shares were granted in the recent stock option plan by Arcus Biosciences?

A total of 115,800 shares were granted to ten new employees under the 2020 Inducement Plan.

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

The exercise price for the stock options is $24.76 per share.

What are the main areas of focus for Arcus Biosciences in their clinical development?

Arcus Biosciences focuses on developing therapies for prostate, colorectal, non-small cell lung, and pancreatic cancers.

When was the stock option plan approved for Arcus Biosciences?

The stock option plan was approved by the Board of Directors in January 2020.