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Forte Biosciences, Inc. Reports Inducement Grant Under Nasdaq Listing Rules
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DALLAS--(BUSINESS WIRE)--
Forte Biosciences, Inc. (www.fortebiorx.com) (NASDAQ: FBRX), a biopharmaceutical company focused on autoimmune diseases, today announced the issuance of an equity inducement award as required by the Nasdaq Stock Market Rules.
In accordance with NASDAQ Listing Rule 5635(c)(4), the Compensation Committee of Forte’s Board of Directors approved the grant of an equity award to purchase 15,000 shares of common stock to a new non-executive employee as a material inducement to such individual’s accepting employment with the Company, with such award vesting over four years, with twenty-five percent vesting on the one-year anniversary of the grant date and the remaining seventy-five percent vesting in equal monthly increments over the succeeding thirty-six months, subject to the individual’s continuous employment through each vesting date.
The Inducement Award was made under Forte’s 2020 Inducement Equity Incentive Plan and related award agreements and will have terms and conditions generally consistent with those of Forte’s 2021 Equity Incentive Plan.
About Forte
Forte Biosciences, Inc. is a biopharmaceutical company that is advancing through preclinical trials its product candidate, FB-102, which is a proprietary molecule with potentially broad autoimmune applications in such indications as graft-versus-host disease, vitiligo and alopecia areata.
we are driven by a vision to end cancer mortality. our company was founded on this vision in 2007. tocagen’s mission is to become a leading biopharmaceutical company for the treatment of cancer using cancer-selective gene therapy products based on our retroviral gene therapy platforms to increase lifespan, initially for patients with advanced local and metastatic cancer. our broadly applicable product candidates are designed to activate a patient’s immune system against their cancer from within. at the core of our approach is a novel gene therapy platform that utilizes retroviral replicating vectors (rrvs), which are designed to selectively deliver therapeutic genes into the dna of cancer cells. our proprietary platform is designed to fight cancer through a combination of mechanisms of action without the autoimmune toxicities that patients commonly experience with other treatments. in other words, our technology is designed to combat cancer with fewer side effects, keeping patients’ he
