Tango Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Tango Therapeutics, Inc. (NASDAQ: TNGX) granted a non-qualified stock option to purchase 172,500 shares of its common stock and 26,000 restricted stock units (RSUs) to a new employee under Tango Therapeutics' 2023 Inducement Plan. The options have an exercise price of $9.98 per share, equal to the closing price of Tango Therapeutics' common stock on January 2, 2024. The RSU award will vest in three equal annual installments, subject to the employee's continued employment. The options and RSUs are subject to the terms and conditions of Tango Therapeutics' 2023 Inducement Plan, approved in February 2023.
01/05/2024 - 04:05 PM
BOSTON, Mass., Jan. 05, 2024 (GLOBE NEWSWIRE) -- Tango Therapeutics, Inc. (NASDAQ: TNGX), a clinical-stage biotechnology company committed to discovering and delivering the next generation of precision cancer medicines, today announced that, effective January 2, 2024, the Compensation Committee of Tango Therapeutics' Board of Directors granted a non-qualified stock option to purchase 172,500 shares of its common stock and 26,000 restricted stock units (RSUs) to a new employee under Tango Therapeutics' 2023 Inducement Plan.
The Tango Therapeutics 2023 Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to such individual's entering into employment with Tango Therapeutics, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
The options have an exercise price of $9.98 per share, which is equal to the closing price of Tango Therapeutics' common stock on January 2, 2024. Each option will vest as to 25% of the shares underlying such option on the first anniversary of the employee’s start date and as to an additional 1/36th of the remaining shares underlying the option monthly thereafter, in each case, subject to each such employee's continued employment on each vesting date. The RSU award will vest in three equal annual installments, subject to each such employee's continued employment on each vesting date. The options and RSUs are subject to the terms and conditions of Tango Therapeutics' 2023 Inducement Plan, which was approved in February 2023, and the terms and conditions of the stock option and RSU agreements covering the grant.
About Tango Therapeutics
Tango Therapeutics is a clinical-stage biotechnology company dedicated to discovering novel drug targets and delivering the next generation of precision medicine for the treatment of cancer. Using an approach that starts and ends with patients, Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at critical targets in cancer. This includes expanding the universe of precision oncology targets into novel areas such as tumor suppressor gene loss and their contribution to the ability of cancer cells to evade immune cell killing. For more information, please visit www.tangotx.com.
Investor Contact: Sam Martin/Andrew Vulis Argot Partners tango@argotpartners.com
Media Contact: Amanda Brown Galgay SVP, Corporate Communications, Tango Therapeuticsmedia@tangotx.com
What is the latest announcement from Tango Therapeutics, Inc. (NASDAQ: TNGX)?
Tango Therapeutics, Inc. (NASDAQ: TNGX) granted a non-qualified stock option to purchase 172,500 shares of its common stock and 26,000 restricted stock units (RSUs) to a new employee under Tango Therapeutics' 2023 Inducement Plan.
What is the exercise price of the stock options granted by Tango Therapeutics, Inc. (NASDAQ: TNGX)?
The options have an exercise price of $9.98 per share, equal to the closing price of Tango Therapeutics' common stock on January 2, 2024.
What are the vesting conditions for the RSU award granted by Tango Therapeutics, Inc. (NASDAQ: TNGX)?
The RSU award will vest in three equal annual installments, subject to the employee's continued employment.
When was the 2023 Inducement Plan of Tango Therapeutics, Inc. (NASDAQ: TNGX) approved?
The 2023 Inducement Plan of Tango Therapeutics, Inc. (NASDAQ: TNGX) was approved in February 2023.
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About TNGX
tango therapeutics is a biotechnology company discovering and developing novel medicines targeting cancer vulnerabilities to deliver transformational new therapies for patients. tango was launched in 2017 with a $55 million series a investment from third rock ventures. the company has established a robust product engine that leverages advances in dna sequencing and crispr-based target discovery to generate breakthrough medicines that have the potential to provide deeper, more sustained benefit than today’s targeted therapies, and extend the benefit of available immuno-oncology agents. tango therapeutics is focused on three areas of drug development, each in well-defined patient populations currently lacking effective treatment options, and each with hallmarks of cancer that have not been targeted yet. these include: loss of tumor suppressor gene function; multiple oncogenic drivers; and immune evasion. what fuels each of tango’s programs is an increasingly sophisticated ability to util