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Scholar Rock Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Scholar Rock (NASDAQ: SRRK) announced the granting of a stock option to Jay Backstrom, M.D., M.P.H., as an employment inducement. The award, part of the 2022 Inducement Plan, involves 1,000,000 shares at an exercise price of $8.85, which will vest over four years. This plan, approved on June 16, 2022, allows for equity awards to new hires or those returning after a break in employment. Scholar Rock focuses on biopharmaceutical developments targeting serious diseases influenced by protein growth factors.
Positive
Granting of 1,000,000 stock options, potentially aligning employee interests with company performance.
The stock option has a competitive exercise price of $8.85, which may be beneficial if the stock price increases.
Negative
None.
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Scholar Rock (NASDAQ: SRRK), a Phase 3 clinical-stage biopharmaceutical company focused on the treatment of serious diseases in which protein growth factors play a fundamental role today announced that the company granted equity awards as a material inducement to an employee hired by Scholar Rock in September 2022. The award is subject to all terms and conditions and other provisions set forth in the Company’s 2022 Inducement Plan (the “Plan”) and form of stock option agreement thereunder.
The Plan, which was adopted by the Company’s board of directors on June 16, 2022, is used exclusively for the grant of equity awards to individuals who were not previously employees of Scholar Rock, or following a bona fide period of non-employment, as an inducement material to such individuals entering into employment with Scholar Rock, pursuant to Nasdaq Listing Rule 5635(c)(4).
Jay Backstrom, M.D., M.P.H. was granted a stock option to purchase an aggregate of 1,000,000 shares of the Company’s common stock with a per share exercise price of $8.85 on September 20, 2022 (the “Grant Date”). The stock option award will vest with respect to 25% of the shares of common stock underlying the award on the first anniversary of the Grant Date, and the remaining 75% of the shares of common stock underlying the Stock Option Award shall vest in 12 equal quarterly installments thereafter, subject to Dr. Backstrom’s continuing service at the Company through the applicable vesting date.
About Scholar Rock
Scholar Rock is a clinical-stage biopharmaceutical company focused on the discovery and development of innovative medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. Scholar Rock is creating a pipeline of novel product candidates with the potential to transform the lives of patients suffering from a wide range of serious diseases, including neuromuscular disorders, cancer, and fibrosis. Scholar Rock’s approach to targeting the molecular mechanisms of growth factor activation enabled it to develop a proprietary platform for the discovery and development of monoclonal antibodies that locally and selectively target these signaling proteins at the cellular level. By developing product candidates that act in the disease microenvironment, the Company intends to avoid the historical challenges associated with inhibiting growth factors for therapeutic effect. Scholar Rock believes its focus on biologically validated growth factors may facilitate a more efficient development path. For more information, please visit www.ScholarRock.com or follow Scholar Rock on Twitter (@ScholarRock) and LinkedIn (https://www.linkedin.com/company/scholar-rock/).
Scholar Rock® is a registered trademark of Scholar Rock, Inc.
Availability of Other Information About Scholar Rock
Investors and others should note that we communicate with our investors and the public using our company website www.scholarrock.com, including, but not limited to, company disclosures, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference call transcripts and webcast transcripts, as well as on Twitter and LinkedIn. The information that we post on our website or on Twitter or LinkedIn could be deemed to be material information. As a result, we encourage investors, the media and others interested to review the information that we post there on a regular basis. The contents of our website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
