ORIC Pharmaceuticals Reports Incentive Grants Under Nasdaq Listing Rule 5635(c)(4)
SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Oct. 07, 2022 (GLOBE NEWSWIRE) — ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical-stage oncology company focused on developing treatments that address resistance mechanisms therapy, announced today that on October 3, 2022 (the “Grant Date”), ORIC granted a total of 116,560 non-qualified stock options and 19,435 restricted stock units to five new non-executive employees who started their employment with ORIC in September 2022.
These incentive grants were awarded pursuant to ORIC Pharmaceuticals, Inc.’s 2022 Stock Incentive Plan, subject to the recipient’s continued employment or service through each applicable vesting date. Stock options have an exercise price equal to the closing price of ORIC common stock on the date of grant. Twenty-five percent (25%) of the shares subject to stock options will vest on the first (1) anniversary of the grant date, with one thirty-sixth (1/36e) of the remaining shares that vest each one-month period thereafter. One third (1/3rd) Restricted Share Units will vest on each of the first three anniversary dates of the grant date. Incentive awards are subject to the terms and conditions of applicable stock option and restricted stock unit agreements and the ORIC Pharmaceuticals, Inc. 2022 Inducement Equity Incentive Plan.
The incentive grants were approved by the Compensation Committee of the ORIC Board of Directors, as required by Nasdaq Rule 5635(c)(4), and were awarded as a material inducement to the employment pursuant to Nasdaq Rule 5635(c)(4).
About ORIC Pharmaceuticals, Inc.
ORIC Pharmaceuticals is a clinical-stage biopharmaceutical company dedicated to improving the lives of patients by Overcoming resistance in cancer. ORIC’s clinical-stage product candidates include (1) ORIC-533, an orally bioavailable small molecule inhibitor of CD73, a key node in the adenosine pathway believed to play a central role in resistance to chemotherapy and immunotherapy, under development for multiple myeloma, (2) ORIC-114, a brain penetration inhibitor designed to selectively target EGFR and HER2 with high potency against exon 20 insertion mutations , under development in several genetically defined cancers, and (3) ORIC-944, an allosteric inhibitor of polycomb repressive complex 2 (PRC2) via the EED subunit, under development for prostate cancer. Beyond these three product candidates, ORIC is also developing several precision drugs targeting other hallmark mechanisms of cancer resistance. ORIC has offices in South San Francisco and San Diego, California. For more information, visit www.oricpharma.comand follow us on Twitter Where LinkedIn.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely statements are forward-looking statements. These forward-looking statements include, among other things, statements regarding the acquisition of the incentive grants; the target indications of ORIC’s product candidates; the potential benefits of ORIC’s product candidates; and the plans underlying ORIC’s clinical trials and development. Words such as “believes”, “anticipates”, “plans”, “expects”, “intends”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on ORIC’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in the forward-looking statements due to numerous risks and uncertainties, including, but not limited to: risks associated with the process of discovering, developing and commercializing safe and effective drugs for use for human therapeutic purposes and operating as an early clinical stage company; ORIC’s ability to develop, initiate or complete preclinical studies and clinical trials for, obtain approvals for, and commercialize any of its product candidates; changes in ORIC’s plans to develop and commercialize its product candidates; the possibility that clinical trials of ORIC-533, ORIC-114, ORIC-944 or any other product candidates will differ from preclinical, initial, interim, preliminary or expected results; adverse impacts of the COVID-19 pandemic on ORIC’s operations, including clinical trials; the risk of the occurrence of any event, change or other circumstance that may result in the termination of ORIC’s license agreements; ORIC’s ability to raise any additional financing it needs to pursue its business and product development plans; regulatory developments in the United States and foreign countries; ORIC’s dependence on third parties, including contract manufacturers and contract research organizations; ORIC’s ability to obtain and maintain intellectual property protection for its product candidates; loss of key scientific or management personnel; competition in the industry in which ORIC operates; general economic and market conditions; and other risks. Information regarding the above and additional risks can be found in the section titled “Risk Factors” in ORIC’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 11, 2022. , and future ORIC reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and ORIC undertakes no obligation to update any forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.