LOS
ANGELES, Oct. 3, 2023 /PRNewswire/ -- Aadi
Bioscience, Inc. (NASDAQ: AADI), a biopharmaceutical company
focused on developing and commercializing precision therapies for
patients with mTOR pathway alterations, today announced that an
equity award has been granted to its new President and Chief
Executive Officer, Dave Lennon, Ph.D., on October 2, 2023, the first date of his employment
(the "Grant Date"), in accordance with the Aadi Bioscience, Inc.
2023 Inducement Plan (the "Plan"). The award was granted pursuant
to the terms of Dr. Lennon's employment agreement and as a material
inducement to his joining Aadi as President and Chief
Executive Officer in accordance with Nasdaq Listing Rule
5635(c)(4).
The Compensation Committee of Aadi's Board of Directors, which
is composed entirely of independent directors, approved, as a
material inducement to Dr. Lennon entering into employment with
Aadi, a grant of a nonstatutory stock option to purchase 490,000
shares of Aadi's common stock (the "Option") under the Plan. The
Option has a 10-year term and an exercise price per share equal to
$4.30, the closing price as quoted on
the Nasdaq Stock Market LLC on the Grant Date. Subject to
Dr. Lennon's continued service through each relevant vesting
date, the shares of common stock underlying the Option will vest
25% on the one-year anniversary of the Grant Date and 1/48 of the
total shares of common stock subject to the Option shall vest every
month thereafter such that all shares subject to the Option will be
fully vested on the four-year anniversary of the Grant Date. In
addition, the Option may be subject to vesting acceleration upon
certain qualifying termination events in accordance with the terms
and conditions set forth in Dr. Lennon's employment agreement with
Aadi.
About Aadi Bioscience
Aadi is a
commercial-stage biopharmaceutical company focused on precision
therapies for genetically defined cancers to bring transformational
therapies to cancer patients with mTOR pathway driver alterations.
Aadi received FDA approval of
FYARRO® in November 2021, and in February
2022 commenced commercialization of FYARRO for the
treatment of adult patients with locally advanced unresectable or
metastatic malignant perivascular epithelioid cell tumor
(PEComa).
Aadi is conducting the PRECISION1 trial, a Phase 2
tumor-agnostic registration-directed study in patients with mTOR
inhibitor-naïve malignant solid tumors
harboring TSC1 or TSC2 inactivating
alterations. More information on Aadi's development pipeline is
available on the Aadi website at www.aadibio.com and
connect with us on Twitter and LinkedIn.
Contact:
Marcy
Graham
IR@aadibio.com
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SOURCE Aadi Bioscience