Arcus Biosciences Announces New Employment Inducement Grants

Rhea-AI Summary

Arcus Biosciences (NYSE:RCUS) has granted stock options to 11 new employees for a total of 198,000 shares at an exercise price of $24.55, reflecting the closing price on May 24, 2021. The options were issued under the Company’s 2020 Inducement Plan, approved by the Board in January 2020. This move aims to attract and retain talent within the oncology-focused biopharmaceutical firm, which is developing a diverse portfolio of cancer therapies targeting high unmet medical needs.

Positive

• Stock options granted to 11 new employees to attract talent.
• Options are part of a strategy to incentivize performance.
• Firm maintains focus on developing innovative cancer therapies.

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 eleven new employees options to purchase a total of 198,000 shares of the Company’s common stock at an exercise price per share of $24.55, which was the closing price on May 24, 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/20210525005901/en/

FAQ

What recent action did Arcus Biosciences (RCUS) take regarding employee stock options?

Arcus Biosciences granted 198,000 stock options to 11 new employees at an exercise price of $24.55.

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

The exercise price for the stock options is $24.55 per share.

Under which plan were the stock options granted to Arcus employees?

The stock options were granted under the Company’s 2020 Inducement Plan.

How many employees received stock options from Arcus Biosciences?

Eleven new employees received stock options.

What is the purpose of granting stock options at Arcus Biosciences?

The purpose is to attract and retain talent within the company.