Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
05 Outubro 2023 - 5:00PM
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), an early
commercial-stage biopharmaceutical company focused on developing
meaningful innovations in immuno-dermatology, today reported the
grant of inducement awards to L. Todd Edwards, its new Chief
Commercial Officer. The Compensation Committee of Arcutis’ Board of
Directors granted Mr. Edwards 60,000 restricted stock units of
Arcutis’ common stock and options to purchase 240,000 shares of
Arcutis’ common stock, with a grant date of September 27, 2023.
Additionally, the Company also reported the grant of an aggregate
of 79,200 restricted stock units of Arcutis’ common stock to nine
newly hired employees, with a grant date of October 2, 2023. These
awards were approved by the Compensation Committee of Arcutis’
Board of Directors and granted under the Arcutis Biotherapeutics,
Inc. 2022 Inducement Plan, as an inducement material to the new
employees entering into employment with Arcutis, in accordance with
Nasdaq Listing Rule 5635(c)(4).
The restricted stock units vest over four years, with 25 percent
vesting on each annual anniversary of the vesting commencement
date, subject to the employee being continuously employed by
Arcutis as of such vesting dates. The stock options vest over four
years, with 25 percent vesting on the one-year anniversary of the
vesting commencement date for such employee, and the remainder
vesting in 36 equal monthly installments over the following three
years, subject to the employee being continuously employed by
Arcutis as of such vesting dates. The stock options have a ten-year
term and an exercise price of $5.58 per share, equal to the per
share closing price of Arcutis’ common stock as reported by Nasdaq
on September 27, 2023.
Arcutis is providing this information in accordance with Nasdaq
Listing Rule 5635(c)(4).
About ArcutisArcutis Biotherapeutics, Inc.
(Nasdaq: ARQT) is an early commercial-stage medical dermatology
company that champions meaningful innovation to address the urgent
needs of individuals living with immune-mediated dermatological
diseases and conditions. With a commitment to solving the most
persistent patient challenges in dermatology, Arcutis has a growing
portfolio that harnesses our unique dermatology development
platform coupled with our dermatology expertise to build
differentiated therapies against biologically validated targets.
Arcutis’ dermatology development platform includes a robust
pipeline with multiple clinical programs for a range of
inflammatory dermatological conditions including scalp and body
psoriasis, atopic dermatitis, seborrheic dermatitis, and alopecia
areata. For more information, visit www.arcutis.com or
follow Arcutis on LinkedIn, Facebook, and X.
Forward-Looking StatementsArcutis cautions you
that statements contained in this press release regarding matters
that are not historical facts are forward-looking statements. These
statements are based on the Company’s current beliefs and
expectations. Such forward-looking statements include, among
others, statements regarding the Company’s potential to address
urgent needs and expectations with regard to the timing of data and
regulatory events. These statements involve substantial known and
unknown risks, uncertainties and other factors that may cause our
actual results, levels of activity, performance, or achievements to
be materially different from the information expressed or implied
by these forward-looking statements and you should not place undue
reliance on our forward-looking statements. Risks and uncertainties
that may cause our actual results to differ include risks inherent
in the clinical development process and regulatory approval
process, the timing of regulatory filings, the timing and expenses
of commercialization efforts, and our ability to defend our
intellectual property. For a further description of the risks and
uncertainties applicable to our business, see the “Risk Factors”
section of our Form 10-K filed with U.S. Securities and Exchange
Commission (SEC) on February 28, 2023, as well as any subsequent
filings with the SEC. You should not place undue reliance on any
forward-looking statements in this press release. We undertake no
obligation to revise or update information herein to reflect events
or circumstances in the future, even if new information becomes
available. All forward-looking statements are qualified in their
entirety by this cautionary statement, which is made under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995.
Contacts:MediaAmanda Sheldon,
Head of Corporate Communicationsasheldon@arcutis.com
InvestorsEric McIntyre, Head of Investor
Relationsemcintyre@arcutis.com
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