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Arcus Biosciences Announces New Employment Inducement Grants
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Arcus Biosciences, Inc. (NYSE:RCUS), an oncology-focused biopharmaceutical company, announced the grant of stock options to six new employees. These options total 48,800 shares at an exercise price of $34.38, based on the closing price from October 25, 2021. The stock options were issued under the 2020 Inducement Plan approved by the Board of Directors in January 2020. The company continues to develop innovative cancer therapies, with five molecules currently in clinical development targeting significant unmet needs in oncology.
Positive
Granting of 48,800 stock options indicates confidence in new hires and company growth.
Continued development of five clinical molecules demonstrates ongoing commitment to oncology.
Negative
None.
HAYWARD, Calif.--(BUSINESS WIRE)--
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 six new employees options to purchase a total of 48,800 shares of the Company’s common stock at an exercise price per share of $34.38, which was the closing price on October 25, 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 A2a/A2b adenosine receptor antagonist to enter the clinic, is being evaluated in multiple Phase 2 and 1b studies across different indications, including prostate, colorectal, and non-small cell lung. Quemliclustat (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.
What stock options were granted by Arcus Biosciences on October 26, 2021?
Arcus Biosciences granted 48,800 stock options to six new employees at an exercise price of $34.38.
What is the significance of the 2020 Inducement Plan for Arcus Biosciences?
The 2020 Inducement Plan allows Arcus Biosciences to grant stock options to new employees, promoting retention and alignment with shareholder interests.
How many clinical molecules is Arcus Biosciences currently developing?
Arcus Biosciences is currently developing five clinical molecules targeting various oncology indications.
What was the closing stock price for Arcus Biosciences on October 25, 2021?
The closing stock price for Arcus Biosciences on October 25, 2021, was $34.38.
