Terns Pharmaceuticals Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(C)(4)
FOSTER CITY, Calif., July 05, 2023 (GLOBE NEWSWIRE) -- Terns Pharmaceuticals, Inc. (“Terns” or the “Company”) (Nasdaq: TERN), a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, non-alcoholic steatohepatitis (NASH) and obesity, today announced that it has granted as of July 1, 2023 equity inducement awards to five new employees under the terms of the 2022 Employment Inducement Award Plan (the “Inducement Plan”). The equity awards were approved by the Compensation Committee of the Company’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4) and were each made as a material inducement to the employee’s acceptance of employment with Terns.
The Company granted to Debra Sieminski, the Company’s new senior vice president of medical affairs, an option to purchase 150,000 shares of Terns common stock and to four other non-executive employees, in the aggregate, options to purchase 134,000 shares of Terns common stock.
The options have a 10-year term and an exercise price per share equal to $8.75, which was the closing price of Terns’ common stock on June 30, 2023, the last trading day prior to grant date. The options vest over four years, subject to continued service through the applicable vesting dates.
About Terns Pharmaceuticals
Terns Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing a portfolio of small-molecule product candidates to address serious diseases, including oncology, NASH and obesity. Terns’ pipeline includes two clinical stage development programs including an allosteric BCR-ABL inhibitor and a THR-β agonist (+/- an FXR agonist), and preclinical small-molecule GLP-1 receptor agonist and GIPR modulator programs. For more information, please visit: www.ternspharma.com.
Contacts for Terns
Berry & Company Public Relations