Synopsis:
PDS Biotechnology Corporation (“PDS Biotechnology”) (Nasdaq: PDSB), a clinical-stage immuno-oncology company pioneering the development of novel multifunctional immunotherapeutic products, today announced that on June 28, 2019 the Compensation Committee of PDS’ Board of Directors approved the grant of inducement stock options covering an aggregate of 70,000 shares of PDS’ common stock to four new employees in accordance with Nasdaq Listing Rule 5635(c)(4).
PDS Biotech Reports An Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
PDS Biotechnology Corporation , a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Company’s proprietary Versamune® T-cell activating technology, today announced that the compensation committee of the board of directors of the Company approved, on December 20, 2021, an equity award to Michael Lalond, the Company’s new Director of Quality Assurance, as a material inducement to Mr. Lalond entering into employment with PDS Biotech.
An inducement grant of 20,000 shares of PDS Biotech’s common stock, in accordance with Nasdaq Listing Rule 5635(c)(4), was awarded as part of Mr. Lalond’s compensation. The award was granted under PDS Biotech’s 2019 Inducement Plan, as amended, in accordance with Nasdaq Listing Rule 5635(c)(4) and provides for the granting of equity awards to new employees of PDS Biotech. The option award has an exercise price of $8.87, the closing price of PDS Biotech’s common stock on December 20, 2021. The option award vests over a four-year period, with one-quarter of the shares vesting on the first anniversary of the grant date December 20, 2022 and then monthly over the following 36 months, subject to continued employment with the Company through the applicable vesting dates.
About the Versamune® Cationic Lipid Platform Technology
Versamune® is a proprietary, clinical stage, synthetic lipid-based immunotherapy platform. PDS Biotechnology’s pipeline of Versamune®-based products, which are administered by subcutaneous injection, provides strong activation of type I interferon genes. The Versamune® mechanism of action also involves effective presentation of tumor antigens via the MHC Class I and Class II pathways. These mechanisms together promote strong in-vivo induction of polyfunctional tumor-targeting CD8+ T-cells. This result, as well as a high degree of safety, was confirmed in the PDS0101 monotherapy Phase 1/2a human clinical trial.
Versamune®-based immunotherapies have been demonstrated to alter the tumor micro-environment in preclinical mechanism of action studies, thus further enhancing the ability of Versamune®-induced T-cells to effectively kill tumor cells. Versamune® is now being applied to the development of multiple clinical-stage cancer products, including those intended to address both early and late-stage cancer indications as monotherapies, as well as combinations with other successful immuno-oncology approaches such as checkpoint inhibitors.
About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies based on the Company’s proprietary Versamune® T-cell activating technology platform. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including breast, colon, lung, prostate and ovarian cancers.