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Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
WESTLAKE VILLAGE, Calif., March 14, 2022 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on
About this update from Arcutis Biotherapeutics, Inc.
[{"type":"text","content":"WESTLAKE VILLAGE, Calif., March 14, 2022 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a late-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported the grant of an aggregate of 18,900 restricted stock units of Arcutis’ common stock as well as options to purchase an aggregate of 48,900 shares of Arcutis’ common stock to four newly hired employees. These awards were approved by the Compensation Committee of Arcutis’ Board of Directors and granted under the Arcutis Biotherapeutics, Inc. 2022 Inducement Plan, with a grant date of March 11, 2022, as an inducement material to the new employees entering into employment with Arcutis, in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock units vest over four years, with twenty-five percent vesting on each annual anniversary of the vesting commencement date, subject to the employee being continuously employed by Arcutis as of such vesting dates. The stock options vest over four years, with 25 percent vesting on the one-year anniversary of the vesting commencement date for such employee and the remainder vesting in thirty-six equal monthly installments over the following three years, subject to the employee being continuously employed by Arcutis as of such vesting dates. The stock options have a ten-year term and an exercise price of $16.85 per share, equal to the per share closing price of Arcutis’ common stock as reported by Nasdaq on March 11, 2022. Arcutis is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4). About ArcutisArcutis Biotherapeutics, Inc. is a medical dermatology company that champions meaningful innovation to address the urgent needs of patients living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis harnesses our unique dermatology development platform coupled with our dermatology expertise to build differentiated therapies against biologically validated targets. Arcutis’ dermatology development platform includes a robust pipeline with multiple clinical programs for a range of inflammatory dermatological conditions, with one new drug application under review with the U.S. Food and Drug Administration and three Phase 3 clinical data readouts anti...