Surface Oncology Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Surface Oncology, Inc. (Nasdaq: SURF) announced the granting of non-qualified stock options to two new employees to purchase 23,600 shares of common stock at an exercise price of $1.72, based on the June 1, 2022 closing price. These options, covered under the 2021 Inducement Plan, have a 10-year term and vest over four years. Surface Oncology focuses on developing innovative immunotherapies targeting the tumor microenvironment, with multiple clinical-stage programs and partnerships with major pharmaceutical companies.

Positive

• Granting of stock options to new employees indicates company growth and recruitment efforts.
• Surface's focus on next-generation immunotherapies aligns with current market trends in oncology.

Negative

• None.

CAMBRIDGE, Mass., June 03, 2022 (GLOBE NEWSWIRE) -- Surface Oncology, Inc. (Nasdaq: SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, today announced that the company granted non-qualified stock options to two new employees to purchase an aggregate of 23,600 shares of the company’s common stock with a per share exercise price of $1.72, the closing price of Surface’s common stock as reported by Nasdaq on June 1, 2022, the date of grant.

The option grants, made under Surface’s 2021 Inducement Plan (the Plan), were granted as an inducement material to the employees entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4) and were granted pursuant to the terms of the Plan. The stock options have a 10-year term and vest over four years, with 25% vesting on the first anniversary of the vesting start date and the remaining options vesting in substantially equal monthly installments over the next 36 months.

About Surface Oncology
Surface Oncology is an immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment. Its pipeline includes two wholly-owned clinical-stage programs targeting CD39 (SRF617) and IL-27 (SRF388), as well as a preclinical program focused on selectively depleting regulatory T cells in the tumor microenvironment via targeting CCR8 (SRF114). In addition, Surface has two partnerships with major pharmaceutical companies: a collaboration with Novartis targeting CD73 (NZV930; Phase 1) and a collaboration with GlaxoSmithKline targeting PVRIG (GSK4381562, formerly SRF813; Phase 1). Surface’s novel, investigational, cancer immunotherapies are designed to achieve a clinically meaningful and sustained anti-tumor response and may be used alone or in combination with other therapies. For more information, please visit www.surfaceoncology.com.

Contact
Scott Young
(617) 865-3250
syoung@surfaceoncology.com

FAQ

What stock options were granted by Surface Oncology on June 3, 2022?

On June 3, 2022, Surface Oncology granted non-qualified stock options to two new employees for 23,600 shares at an exercise price of $1.72.

What is the vesting schedule for the stock options granted by Surface Oncology?

The stock options have a 10-year term and vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly over the next 36 months.

What is the significance of the 2021 Inducement Plan for Surface Oncology?

The 2021 Inducement Plan allows Surface Oncology to grant stock options as an inducement for new employees, compliant with Nasdaq Listing Rule 5635(c)(4).