Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) (“Iovance” or the
“Company”), a biotechnology company focused on innovating,
developing, and delivering novel polyclonal tumor infiltrating
lymphocyte (TIL) therapies for patients with cancer, today
announced that on April 18, 2024 (the “Date of Grant”), the Company
approved the grant of inducement stock options covering an
aggregate of 79,310 shares of Iovance’s common stock to
thirty-seven new, non-executive employees.
The awards were granted under Iovance’s 2021 Inducement Plan,
which was adopted on September 22, 2021 and amended on January 12,
2022, March 13, 2023, and February 26, 2024 and provides for the
granting of equity awards to new employees of Iovance by the
Company’s compensation committee in accordance with Nasdaq Listing
Rule 5635(c)(4). Each of the stock options granted as referenced in
this press release has an exercise price of $11.72, the closing
price of Iovance’s common stock on the Date of Grant. Each stock
option vests over a three-year period, with one-third of the shares
vesting on the first anniversary of the employee’s start date (the
“First Vesting Date”), and the remaining shares vesting in eight
quarterly installments over the next two years, commencing with the
first quarter following the First Vesting Date, subject to
continued employment with the Company through the applicable
vesting dates.
About Iovance Biotherapeutics, Inc.
Iovance Biotherapeutics, Inc. aims to be the global leader in
innovating, developing, and delivering tumor infiltrating
lymphocyte (TIL) therapies for patients with cancer. We are
pioneering a transformational approach to cure cancer by harnessing
the human immune system’s ability to recognize and destroy diverse
cancer cells in each patient. The Iovance TIL platform has
demonstrated promising clinical data across multiple solid tumors.
Iovance’s Amtagvi™ is the first FDA-approved T cell therapy for a
solid tumor indication. We are committed to continuous innovation
in cell therapy, including gene-edited cell therapy, that may
extend and improve life for patients with cancer. For more
information, please visit www.iovance.com.
Amtagvi™ and its accompanying design marks, Proleukin®,
Iovance®, and IovanceCares™ are trademarks and registered
trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries.
All other trademarks and registered trademarks are the property of
their respective owners.
Forward-Looking Statements
Certain matters discussed in this press release are
“forward-looking statements” of Iovance Biotherapeutics, Inc.
(hereinafter referred to as the “Company,” “we,” “us,” or “our”)
within the meaning of the Private Securities Litigation Reform Act
of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in
some cases, use terms such as “predicts,” “believes,” “potential,”
“continue,” “estimates,” “anticipates,” “expects,” “plans,”
“intends,” “forecast,” “guidance,” “outlook,” “may,” “could,”
“might,” “will,” “should,” or other words that convey uncertainty
of future events or outcomes and are intended to identify
forward-looking statements. Forward-looking statements are based on
assumptions and assessments made in light of management’s
experience and perception of historical trends, current conditions,
expected future developments, and other factors believed to be
appropriate. Forward-looking statements in this press release are
made as of the date of this press release, and we undertake no duty
to update or revise any such statements, whether as a result of new
information, future events, or otherwise. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties, and other factors, many of which are
outside of our control, that may cause actual results, levels of
activity, performance, achievements, and developments to be
materially different from those expressed in or implied by these
forward-looking statements. Important factors that could cause
actual results, developments, and business decisions to differ
materially from forward-looking statements are described in the
sections titled "Risk Factors" in our filings with the U.S.
Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and
include, but are not limited to, the following substantial known
and unknown risks and uncertainties inherent in our business: the
risks related to our ability to successfully commercialize our
products, including Amtagvi, for which we have obtained U.S. Food
and Drug Administration (“FDA”) approval, and Proleukin, for which
we have obtained FDA and European Medicines Agency (“EMA”)
approval; the risk that the EMA or other ex-U.S. regulatory
authorities may not approve or may delay approval for our marketing
authorization application submission for lifileucel in metastatic
melanoma; the acceptance by the market of our products, including
Amtagvi and Proleukin, and their potential pricing and/or
reimbursement by payors, if approved (in the case of our product
candidates), in the U.S. and other international markets and
whether such acceptance is sufficient to support continued
commercialization or development of our products, including Amtagvi
and Proleukin, or product candidates, respectively; our ability or
inability to manufacture our therapies using third party
manufacturers or at our own facility may adversely affect our
commercial launch; the results of clinical trials with
collaborators using different manufacturing processes may not be
reflected in our sponsored trials; the risk regarding the
successful integration of the recent Proleukin acquisition; the
risk that the successful development or commercialization of our
products, including Amtagvi and Proleukin, may not generate
sufficient revenue from product sales, and we may not become
profitable in the near term, or at all; the risk that future
competitive or other market factors may adversely affect the
commercial potential for Amtagvi or Proleukin; the risks related to
the timing of and our ability to successfully develop, submit,
obtain, or maintain FDA, EMA, or other regulatory authority
approval of, or other action with respect to, our product
candidates; whether clinical trial results from our pivotal studies
and cohorts, and meetings with the FDA, EMA, or other regulatory
authorities may support registrational studies and subsequent
approvals by the FDA, EMA, or other regulatory authorities,
including the risk that the planned single arm Phase 2 IOV-LUN-202
trial may not support registration; preliminary and interim
clinical results, which may include efficacy and safety results
from ongoing clinical trials or cohorts may not be reflected in the
final analyses of our ongoing clinical trials or subgroups within
these trials or in other prior trials or cohorts; the risk that
enrollment may need to be adjusted for our trials and cohorts
within those trials based on FDA and other regulatory agency input;
the risk that the changing landscape of care for cervical cancer
patients may impact our clinical trials in this indication; the
risk that we may be required to conduct additional clinical trials
or modify ongoing or future clinical trials based on feedback from
the FDA, EMA, or other regulatory authorities; the risk that our
interpretation of the results of our clinical trials or
communications with the FDA, EMA, or other regulatory authorities
may differ from the interpretation of such results or
communications by such regulatory authorities (including from our
prior meetings with the FDA regarding our non-small cell lung
cancer clinical trials); the risk that clinical data from ongoing
clinical trials of Amtagvi will not continue or be repeated in
ongoing or planned clinical trials or may not support regulatory
approval or renewal of authorization; the risk that unanticipated
expenses may decrease our estimated cash balances and forecasts and
increase our estimated capital requirements; the effects of the
COVID-19 pandemic; and other factors, including general economic
conditions and regulatory developments, not within our control.
CONTACTS
Iovance Biotherapeutics, Inc:Sara Pellegrino,
IRCSenior Vice President, Investor Relations & Corporate
Communications650-260-7120 ext. 264Sara.Pellegrino@iovance.com
Jen SaundersDirector, Investor Relations & Public
Relations267-485-3119Jen.Saunders@iovance.com
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