Sutro Biopharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Sutro Biopharma (NASDAQ: STRO) announced on August 16, 2022, that its Compensation Committee granted 63,000 Restricted Stock Units (RSUs) to three new employees as an inducement for their employment. The RSUs will vest over four years, with 25% vesting annually, contingent upon continued service. Sutro specializes in developing antibody drug conjugates for oncology and is advancing multiple clinical-stage products, including STRO-002 and STRO-001, targeting various cancers. The grants were in accordance with Nasdaq Listing Rule 5635(c)(4).
- Granting of 63,000 RSUs could attract and retain talent, aiding company growth.
- Sutro's ongoing clinical studies for STRO-002 and STRO-001 may lead to potential revenue generation.
- None.
SOUTH SAN FRANCISCO, Calif., Aug. 19, 2022 (GLOBE NEWSWIRE) -- Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), a clinical-stage oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs), today announced that on August 16, 2022, the Compensation Committee of Sutro’s Board of Directors granted 63,000 Restricted Stock Units of Sutro common stock to three new employees. The grants were made as an inducement material to the employees’ acceptance of employment with Sutro and were approved by the Compensation Committee of Sutro’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs are subject to the terms and conditions of Sutro’s 2021 Equity Inducement Plan. One-fourth of the total number of shares subject to the RSUs will vest on the one-year anniversary of the employees hire date and annually thereafter until fully vested on the fourth anniversary, subject to the employee’s continued service with Sutro on each such vesting date.
About Sutro Biopharma
Sutro Biopharma, Inc., headquartered in South San Francisco, is a clinical-stage oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs). Sutro has two wholly owned ADCs in the clinic—STRO-002, a folate receptor alpha (FolRα)-targeting ADC, in clinical studies for ovarian and endometrial cancers; and STRO-001, a CD74-targeting ADC, in clinical studies for B-cell malignancies. Additionally, Sutro is collaborating with Bristol Myers Squibb (BMS) on CC-99712, a BCMA-targeting ADC in the clinic for patients with multiple myeloma; with Merck KGaA, Darmstadt, Germany, known as EMD Serono in the U.S. and Canada (EMD Serono), on M1231, a MUC1-EGFR bispecific ADC in clinical studies for patients with solid tumors, particularly non-small cell lung cancer (NSCLC) and esophageal squamous cell carcinoma; with Merck, known as MSD outside of the United States and Canada, on MK-1484, a selective IL-2 agonist in clinical studies as a monotherapy and in combination with pembrolizumab for the treatment of solid tumors; and with Astellas Pharma (Astellas) on novel modality, immunostimulatory antibody-drug conjugates (iADCs). Sutro’s platform technology also enabled the spin out of Vaxcyte and the creation of VAX-24, a 24-valent pneumococcal conjugate vaccine in clinical studies for the prevention of invasive pneumococcal disease. Sutro’s rational design and precise protein engineering has enabled six product candidates in the clinic. Follow Sutro on Twitter, @Sutrobio, and at www.sutrobio.com to learn more about our passion for changing the future of oncology.
Investor Contact
Annie J. Chang
Sutro Biopharma
(650) 801-5728
ajchang@sutrobio.com
Media Contact
Amy Bonanno
Solebury Trout
(914) 450-0349
abonanno@soleburytrout.com
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