ADC Therapeutics Makes Grants to New Employees Under Inducement Plan
September 03 2024 - 4:05PM
ADC Therapeutics SA (NYSE: ADCT), a commercial-stage global leader
and pioneer in the field of antibody drug conjugates (ADCs), today
announced that the Company has made grants of options to purchase
an aggregate of 17,900 of the Company’s common shares to four new
employees on September 3, 2024 (each, a “Grant”).
The Grants were offered as material inducement
to the employees’ employment. The grants were approved by the
Compensation Committee of the Company’s Board of Directors pursuant
to the Company’s Inducement Plan to motivate and reward the
recipients to perform at the highest levels and contribute
significantly to the success of the Company. The Grants were made
in reliance on the employment inducement exemption under the NYSE’s
Listed Company Manual Rule 303A.08.
The Company is issuing this press release
pursuant to Rule 303A.08. The Grants shall vest and become
exercisable 25% on the first anniversary of the grant date, and
1/48th of the aggregate number of shares subject to the award on
each monthly anniversary of the grant date thereafter, such that
the entire award will be vested as of the fourth anniversary of the
grant date, subject to continued employment with the Company.
About ADC Therapeutics
ADC Therapeutics (NYSE: ADCT) is a
commercial-stage global leader and pioneer in the field of antibody
drug conjugates (ADCs). The Company is advancing its proprietary
ADC technology to transform the treatment paradigm for patients
with hematologic malignancies and solid tumors.
ADC Therapeutics’ CD19-directed ADC ZYNLONTA
(loncastuximab tesirine-lpyl) received accelerated approval by the
FDA and conditional approval from the European Commission for the
treatment of relapsed or refractory diffuse large B-cell lymphoma
after two or more lines of systemic therapy. ZYNLONTA is also in
development in combination with other agents and in earlier lines
of therapy. In addition to ZYNLONTA, ADC Therapeutics has multiple
ADCs in ongoing clinical and preclinical development.
ADC Therapeutics is based in Lausanne (Biopôle),
Switzerland, and has operations in London and New Jersey. For more
information, please visit https://adctherapeutics.com/ and follow
the Company on LinkedIn.
ZYNLONTA® is a registered trademark of ADC
Therapeutics SA.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. In some cases you
can identify forward-looking statements by terminology such as
“may”, “will”, “should”, “would”, “expect”, “intend”, “plan”,
“anticipate”, “believe”, “estimate”, “predict”, “potential”,
“seem”, “seek”, “future”, “continue”, or “appear” or the negative
of these terms or similar expressions, although not all
forward-looking statements contain these identifying words.
Forward-looking statements are subject to certain risks and
uncertainties that can cause actual results to differ materially
from those described. Factors that may cause such differences
include, but are not limited to: the expected cash runway into
mid-2026 the Company’s ability to grow ZYNLONTA® revenue in the
United States; the ability of our partners to commercialize
ZYNLONTA® in foreign markets, the timing and amount of future
revenue and payments to us from such partnerships and their ability
to obtain regulatory approval for ZYNLONTA® in foreign
jurisdictions; the timing and results of the Company’s or its
partners’ research and development projects or clinical trials
including LOTIS 5 and 7, ADCT 601 and 602 as well as early research
in certain solid tumors with different targets, linkers and
payloads; the timing and results of investigator-initiated trials
including those studying FL and MZL and the potential regulatory
and/or compendia strategy and the future opportunity; the timing
and outcome of regulatory submissions for the Company’s products or
product candidates; actions by the FDA or foreign regulatory
authorities; projected revenue and expenses; the Company’s
indebtedness, including Healthcare Royalty Management and Blue Owl
and Oaktree facilities, and the restrictions imposed on the
Company’s activities by such indebtedness, the ability to comply
with the terms of the various agreements and repay such
indebtedness and the significant cash required to service such
indebtedness; and the Company’s ability to obtain financial and
other resources for its research, development, clinical, and
commercial activities. Additional information concerning these and
other factors that may cause actual results to differ materially
from those anticipated in the forward-looking statements is
contained in the “Risk Factors” section of the Company's Annual
Report on Form 10-K and in the Company's other periodic and current
reports and filings with the U.S. Securities and Exchange
Commission. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance, achievements or prospects to be materially different
from any future results, performance, achievements or prospects
expressed in or implied by such forward-looking statements. The
Company cautions investors not to place undue reliance on the
forward-looking statements contained in this document.
CONTACTS:
InvestorsMarcy GrahamADC
TherapeuticsMarcy.Graham@adctherapeutics.com+1 650-667-6450
MediaNicole RileyADC
TherapeuticsNicole.Riley@adctherapeutics.com +1 862-926-9040
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