Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences (NYSE:RCUS) announced the granting of stock options to eight new employees, totaling 126,000 shares at an exercise price of $28.86, based on the May 10, 2021 closing price. This issuance was made under the Company’s 2020 Inducement Plan, highlighting its commitment to attracting top talent in oncology therapeutics. The company is actively developing five clinical-stage molecules, including Etrumadenant and Zimberelimab, showcasing its focus on addressing significant unmet needs in cancer treatment.

Positive

• Granting of stock options aligns with talent acquisition strategy.
• Ongoing clinical development of five promising molecules in oncology.

Negative

• Potential dilution of shares from stock options granted.

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 eight new employees options to purchase a total of 126,000 shares of the Company’s common stock at an exercise price per share of $28.86, which was the closing price on May 10, 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% locally advanced or metastatic non-small cell lung cancer (NSCLC) evaluating zimberelimab monotherapy, domvanalimab + zimberelimab and domvanalimab + etrumadenant + 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/20210511005771/en/

FAQ

What stock option grant did Arcus Biosciences announce on May 10, 2021?

Arcus Biosciences announced stock options for 126,000 shares at $28.86 per share.

What is the significance of the 2020 Inducement Plan for RCUS?

The 2020 Inducement Plan allows the company to attract and retain talent by granting stock options.

How many molecules is Arcus Biosciences developing for cancer?

Arcus is currently developing five molecules in clinical stages.

What are the key candidates in clinical development by Arcus?

Key candidates include Etrumadenant and Zimberelimab.

What is the potential impact of stock options granted to employees on RCUS shares?

The stock options could lead to potential dilution of shares.