Fate Therapeutics Reports New Employee Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
June 04 2024 - 4:01PM
Fate Therapeutics, Inc. (NASDAQ: FATE), a clinical-stage
biopharmaceutical company dedicated to bringing a first-in-class
pipeline of induced pluripotent stem cell (iPSC)-derived cellular
immunotherapies to patients with cancer and autoimmune disorders,
today announced that on June 1, 2024 the Company granted (i) a
non-qualified stock option to one newly-hired employee to purchase
a total of 65,000 shares of the Company’s common stock at an
exercise price per share of $3.68, which was the closing price per
share of the Company’s common stock as reported by NASDAQ
on May 31, 2024, the last date preceding the grant effective
date for which a closing price was reported, and (ii) restricted
stock units (RSUs) representing 14,500 shares of its common stock
to three newly-hired non-executive employees. The grants were
approved by the Compensation Committee of the Company’s Board of
Directors and granted under the Company’s Amended and Restated
Inducement Equity Plan as an inducement material to the new
employees entering into employment with the Company in accordance
with Nasdaq Listing Rule 5635(c)(4). The option will vest over four
years, with 25% of the shares underlying the option vesting on the
one-year anniversary of the grant date and the remaining 75%
percent vesting in approximately equal monthly installments over
the following thirty-six months, subject to the employee being
continuously employed by the Company through each vesting date. The
RSUs will vest over four years, with 25% of the shares underlying
each RSU award vesting on each anniversary of the grant date,
subject to the employee being continuously employed by the Company
through each vesting date.
About Fate Therapeutics’ iPSC Product
PlatformThe Company’s proprietary induced pluripotent stem
cell (iPSC) product platform enables mass production of
off-the-shelf, multiplexed-engineered cell products that are
selectively designed, incorporate novel synthetic controls of cell
function, and are intended to deliver multiple mechanisms of
therapeutic importance to patients. Human iPSCs possess the unique
dual properties of unlimited self-renewal and differentiation
potential into all cell types of the body. The Company’s platform
combines multiplexed engineering and single-cell selection of human
iPSCs to create clonal master iPSC lines. Analogous to master cell
lines used to mass produce biopharmaceutical drug products such as
monoclonal antibodies, the Company utilizes its clonal master iPSC
lines as a renewable cell source to manufacture
multiplexed-engineered cell products which are well-defined and
uniform in composition, can be stored in inventory for
off-the-shelf availability, can be combined and administered with
other therapies, and can potentially reach a broad patient
population. As a result, the Company’s platform is uniquely
designed to overcome numerous limitations associated with the
manufacture of cell therapies using patient- or donor-sourced
cells. Fate Therapeutics’ iPSC product platform is supported by an
intellectual property portfolio of over 400 issued patents and 450
pending patent applications.
About Fate Therapeutics, Inc.Fate Therapeutics
is a clinical-stage biopharmaceutical company dedicated to bringing
a first-in-class pipeline of induced pluripotent stem cell
(iPSC)-derived cellular immunotherapies to patients with cancer and
autoimmune disorders. Using its proprietary iPSC product platform,
the Company has established a leadership position in creating
multiplexed-engineered iPSC lines and in the manufacture and
clinical development of off-the-shelf, iPSC-derived cell products.
The Company’s pipeline includes iPSC-derived natural killer (NK)
cell and T-cell product candidates, which are selectively designed,
incorporate novel synthetic controls of cell function, and are
intended to deliver multiple therapeutic mechanisms to patients.
Fate Therapeutics is headquartered in San Diego, CA. For more
information, please visit www.fatetherapeutics.com.
Contact:Christina TartagliaPrecision
AQ212.362.1200christina.tartaglia@precisionaq.com
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