Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences, Inc. (NYSE:RCUS) announced that its Board's Compensation Committee granted options to purchase 77,800 shares to seven new employees at an exercise price of $28.75, the closing price on July 8, 2021. This grant is part of the 2020 Inducement Plan, approved under NYSE rules. Arcus focuses on developing innovative cancer therapies with five molecules in clinical stages, including Etrumadenant for various cancers and AB680 for metastatic pancreatic cancer.

Positive

• Grant of stock options may enhance employee retention and motivation.
• Five molecules in clinical development, indicating a strong pipeline.

Negative

• Stock options granted at a price equal to the last closing price may not offer immediate value to employees.
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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 seven new employees options to purchase a total of 77,800 shares of the Company’s common stock at an exercise price per share of $28.75, which was the closing price on July 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) is an Fc-silent anti-TIGIT monoclonal antibody and new potential immuno-oncology backbone therapy. In addition to ARC-7, domvanalimab is being investigated in a registrational, Phase 3 study, ARC-10, a “two in one trial” to support the potential approvals of both zimberelimab alone and domvanalimab plus zimberelimab compared to chemotherapy in first-line locally advanced or metastatic, PD-L1>50% NSCLC. An additional registrational Phase 3 study is being planned in collaboration with AstraZeneca in earlier disease with curative intent. AB308, an anti-TIGIT antibody that is Fc-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/20210712005708/en/

FAQ

What is the significance of the stock options granted by Arcus Biosciences (RCUS)?

The stock options granted may help in employee retention and incentivize performance, aligning employee interests with shareholder value.

What is the current price at which Arcus Biosciences' stock options were granted?

The stock options were granted at an exercise price of $28.75 per share.

How many shares of common stock were granted as options by Arcus Biosciences?

Arcus Biosciences granted options to purchase a total of 77,800 shares.

Which company granted stock options to new employees on July 8, 2021?

Arcus Biosciences, Inc. (NYSE:RCUS) granted stock options on July 8, 2021.

What types of therapies does Arcus Biosciences develop?

Arcus Biosciences develops oncology-focused therapies, including combination treatments targeting significant unmet needs in cancer.