Tempest Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
05/19/2023 - 04:05 PM
BRISBANE, Calif., May 19, 2023 (GLOBE NEWSWIRE) -- Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage oncology company developing first-in-class1 therapeutics that combine both targeted and immune-mediated mechanisms, today announced that the Compensation Committee of the company’s Board of Directors granted one employee a nonqualified stock option to purchase 12,600 shares of its common stock with an exercise price equal to the closing price of Tempest’s common stock on May 15, 2023, the grant date of the award. The stock option was granted as an inducement award material to the individual entering into employment with Tempest, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option will vest over a four-year period, with 25% of the option vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date. The option is subject to the terms and conditions of Tempest’s Amended and Restated 2019 Equity Incentive Plan and the stock option agreement covering the grant.
About Tempest Therapeutics
Tempest Therapeutics is a clinical-stage oncology company advancing small molecules that combine both tumor-targeted and immune-mediated mechanisms with the potential to treat a wide range of tumors. The company has a diverse portfolio of novel programs ranging from early research to investigation in a randomized global study in first-line cancer patients. The company’s two novel clinical programs, TPST-1120 and TPST-1495, target PPARα and EP2/EP4, respectively, and are advancing through trials designed to study the agents as monotherapies and in combination with approved agents. Tempest is also developing an orally available inhibitor of TREX1, a target that controls activation of the cGAS/STING pathway. Tempest is headquartered in Brisbane, California. More information about Tempest can be found on the company’s website at www.tempesttx.com .
Investor Contacts:
Sylvia Wheeler Wheelhouse Life Science Advisorsswheeler@wheelhouselsa.com
Aljanae Reynolds Wheelhouse Life Science Advisorsareynolds@wheelhouselsa.com
1 If approved by the FDA
TPST Rankings
#91 Ranked by Stock Gains
TPST Stock Data
Industry
Pharmaceutical Preparation Manufacturing
Sector
Manufacturing
Country
United States
City
Ann Arbor
About TPST
tempest therapeutics is a development-stage biotechnology company advancing small molecule therapeutics that modulate anti-tumor immunity pathways. tempest has a balanced and deep pipeline consisting of first-in-class and best-in-class small molecule therapeutics, which modulate distinct immune response pathways relevant to mounting an effective anti-tumor response. the molecules were developed by inception sciences, a versant ventures affiliated drug discovery engine. tempest has assembled a highly experienced team of small molecule and immuno-oncology drug developers to advance these programs to the clinic across diverse cancers representing significant unmet medical need. tempest is backed by a syndicate of leading us and china based venture capital firms.