Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences, Inc. (NYSE: RCUS) has granted stock options to five new employees, totaling 160,800 shares at an exercise price of $31.49, as per its 2020 Inducement Plan. This move follows NYSE guidelines and aims to incentivize new talent. The company focuses on developing innovative cancer therapies, with five molecules currently in clinical stages, including Etrumadenant, AB680, and Domvanalimab. These developments target significant unmet medical needs in various cancer types.

Positive

• Granting of 160,800 stock options to encourage new talent.
• Five molecules in clinical development targeting unmet cancer needs.

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 five new employees options to purchase a total of 160,800 shares of the Company’s common stock at an exercise price per share of $31.49, which was the closing price on March 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 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 a registrational study, in collaboration with AstraZeneca, evaluating the curative-intent stage 3 NSCLC setting. AB308, an anti-TIGIT antibody that is FcR-enabled, is advancing 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/20210309005855/en/

FAQ

What stock options did Arcus Biosciences grant recently?

Arcus Biosciences granted options to purchase 160,800 shares at $31.49 each.

How many employees received stock options from Arcus Biosciences?

Five new employees received stock options.

What is the purpose of the stock options granted by Arcus Biosciences?

The options are part of the company's 2020 Inducement Plan to incentivize new hires.

What are the clinical developments of Arcus Biosciences?

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

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

The exercise price is set at $31.49.