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Adicet Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
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REDWOOD CITY, Calif. & BOSTON--(BUSINESS WIRE)--
Adicet Bio, Inc. (Nasdaq: ACET), a clinical-stage biotechnology company discovering and developing allogeneic gamma delta CAR T cell therapies for cancer, today announced it granted inducement awards on July 29, 2022 (the “Grant Date”) under Adicet’s 2022 Inducement Plan as a material inducement to employment to seven individuals hired by Adicet in July 2022.
The employees received, in the aggregate, non-qualified stock options to purchase 87,000 shares of Adicet’s common stock with an exercise price of $16.89 per share, the closing price of Adicet’s common stock as reported by Nasdaq on July 29, 2022. One-fourth of the shares underlying each employee’s option will vest on the one-year anniversary of each recipient’s start date and thereafter the remaining three-fourths of the shares underlying each employee’s option will vest in thirty-six substantially equal monthly installments, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of the recipient’s start date, in each case, subject to each such employee’s continued employment with Adicet on such vesting dates.
All of the above-described awards were granted outside of Adicet’s stockholder-approved equity incentive plans pursuant to Adicet’s 2022 Inducement Plan, which was adopted by the board of directors in January 2022. The awards were authorized by the compensation committee of the board of directors, which is comprised solely of independent directors, as a material inducement to the employees entering into employment with Adicet in accordance with Nasdaq Listing Rule 5635(c)(4).
About Adicet Bio, Inc.
Adicet Bio, Inc. is a clinical-stage biotechnology company discovering and developing allogeneic gamma delta T cell therapies for cancer. Adicet is advancing a pipeline of “off-the-shelf” gamma delta T cells, engineered with chimeric antigen receptors and T cell receptor-like antibodies to enhance selective tumor targeting, facilitate innate and adaptive anti-tumor immune response, and improve persistence for durable activity in patients.
adicet bio, inc. is a privately held, pre-clinical stage biotechnology company engaged in the design and development of cutting-edge immunotherapies with initial focus on cancer. adicet is developing novel universal immune cell therapies based on gamma delta t cells engineered with chimeric antigen receptors (cars) or t cell receptors (tcrs). adicet is also focused on identifying and validating cancer specific targets directed to the intracellular proteome and generating tcr-like mabs (tcrls) directed to these cancer-specific peptide targets presented by mhc class i complexes. these tcrls can be used to arm t cells, as t cell engagers or as antibody drug conjugates (adc). in august 2016, adicet entered a strategic collaboration with regeneron pharmaceuticals, inc. to develop next-generation engineered immune-cell therapeutics using adicet’s gamma delta t cell allogeneic platform technology. adicet bio raised $51m in series a financing led by orbimed partners, orbimed israel, novartis v
