CAMBRIDGE, Mass., Nov. 11, 2022 (GLOBE NEWSWIRE) -- Fulcrum Therapeutics, Inc. (Nasdaq: FULC), a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside of the Company’s 2019 Stock Incentive Plan.
Fulcrum granted stock options to purchase an aggregate of 478,820 shares of the Company’s common stock to four new employees, including a grant of 400,000 shares to Santiago Arroyo, M.D., Ph.D., the Company’s newly appointed Chief Medical Officer. The award was granted as of November 7, 2022, pursuant to the Company’s 2022 Inducement Stock Incentive Plan, as an inducement material to new employees entering into employment with Fulcrum Therapeutics in accordance with Nasdaq Listing Rule 5635(c)(4).
Each option has an exercise price of $5.61 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on November 7, 2022. The option has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s start date and an additional 6.25% of the shares vesting in equal quarterly installments over the twelve successive quarters following the first anniversary, subject to such employee’s continued service with the Company through the applicable vesting dates.
About Fulcrum Therapeutics
Fulcrum Therapeutics is a clinical-stage biopharmaceutical company focused on improving the lives of patients with genetically defined rare diseases in areas of high unmet medical need. Fulcrum’s two lead programs in clinical development are losmapimod, a small molecule for the treatment of facioscapulohumeral muscular dystrophy (FSHD) and FTX-6058, a small molecule designed to increase expression of fetal hemoglobin for the treatment of sickle cell disease and other hemoglobinopathies, including beta-thalassemia. The company’s proprietary product engine, FulcrumSeek™, identifies drug targets that can modulate gene expression to treat the known root cause of gene mis-expression.
Executive Director, Corporate Communications
Fulcrum Therapeutics, Inc.