VBL Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

VBL Therapeutics (Nasdaq: VBLT) announced the grant of a non-qualified stock option to Matthew Trudeau, effective February 13, 2022. This grant includes the option to purchase 300,000 ordinary shares at an exercise price of $1.51 each, aligning with the market value on the grant date. The option will vest beginning one year after the grant, with 33% vesting immediately, and the remainder vesting quarterly over the next two years, contingent on continued employment. This move adheres to Nasdaq Listing Rule 5635(c)(4) and supports VBL's growth in developing therapies for malignant solid tumors and inflammatory conditions.

Positive

• Granting stock options may attract talented executives, indicating potential strategic growth.
• The exercise price is set at $1.51, aligning with fair market value, which is beneficial for stockholder interests.

Negative

• None.

TEL AVIV, Israel and NEW YORK, Feb. 15, 2022 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq: VBLT), a late-clinical stage biotechnology company developing first-in-class therapeutics for difficult-to-treat malignant solid tumors and immune or inflammatory indications, today announced that the Compensation Committee of VBL’s Board of Directors approved the grant effective February 13, 2022 of a non-qualified stock option to purchase an aggregate of 300,000 ordinary shares of VBL as an inducement material to Matthew Trudeau entering into employment with VBL in accordance with Nasdaq Listing Rule 5635(c)(4).

The option grant has an exercise price of $1.51 per share, the fair market value on the grant date, and will vest and become exercisable beginning one year following the grant, when 33% will vest, with the remainder vesting quarterly over two years subject to Mr. Trudeau’s continued employment with VBL on such vesting dates. The option has a ten-year term and is subject to the terms and conditions of VBL’s Inducement Plan (2022) and the award agreement covering such grant.

About VBL Therapeutics

Vascular Biogenics Ltd., operating as VBL Therapeutics (VBL), is a late-clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for difficult-to-treat malignant solid tumors and immune or inflammatory indications. VBL’s novel VTS™ gene-based platform and antibody-based monocyte targeting technology enable the creation of a pipeline of programs that harness the body’s innate biological processes to provide unique solutions for significant unmet medical needs. VBL’s lead oncology product candidate, ofranergene obadenovec (`ofra-vec`, or VB-111), is an investigational, first-in-class, targeted anti-cancer gene-based agent in development to treat a wide range of solid tumors. Ofra-vec is currently being studied in a Phase 3 registration-enabling clinical trial (NCT03398655) for platinum-resistant ovarian cancer. To learn more about VBL, please visit vblrx.com or follow the company on LinkedIn, Twitter, YouTube or Facebook.

CONTACT:
Daniel Ferry LifeSci Advisors +1 (617) 430-7576 daniel@lifesciadvisors.com

 

FAQ

What stock option was granted to Matthew Trudeau by VBL Therapeutics?

Matthew Trudeau was granted a non-qualified stock option to purchase 300,000 ordinary shares at an exercise price of $1.51.

When does the stock option for Matthew Trudeau vest?

The stock option will vest starting one year after the grant date, with 33% vesting initially and the rest vesting quarterly over two years.

What is the significance of the stock option grant for VBL Therapeutics?

The grant can help attract executive talent and aligns with Nasdaq Listing Rule 5635(c)(4).

What are VBL Therapeutics' main areas of focus?

VBL Therapeutics focuses on developing therapeutics for difficult-to-treat malignant solid tumors and immune or inflammatory indications.

What is VBL Therapeutics' lead product candidate?

VBL's lead product candidate is ofranergene obadenovec (ofra-vec), targeting various solid tumors.