VANCOUVER, BC, Oct. 2, 2020 /CNW/ - Sierra Oncology, Inc.
(SRRA), a late-stage drug development company focused on the
registration and commercialization of momelotinib, a JAK1, JAK2
& ACVR1 inhibitor for the treatment of myelofibrosis, granted
stock options to two new employees, as approved by the Compensation
Committee of the Company's Board of Directors, under Sierra
Oncology's 2018 Equity Inducement Plan.
The 2018 Equity Inducement Plan is used exclusively for the
grant of equity awards to individuals as an inducement material to
such individual's entering into employment with Sierra,
pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The employees received, in the aggregate, options to purchase
100,000 shares of Sierra's common stock. The options have an
exercise price of $10.91 per share,
which is equal to the closing price of Sierra's common stock on the
date of grant. Each option will vest and become exercisable as to
25% of the shares on the first anniversary of the recipient's start
date, and then will vest and become exercisable as to the remaining
75% of the shares in 36 equal monthly installments following the
first anniversary, in each case, subject to each such employee's
continued employment with Sierra on such vesting dates. The options
are subject to the terms and conditions of Sierra's 2018 Equity
Inducement Plan, and the terms and conditions of the stock option
agreement covering the grant.
About Sierra Oncology
Sierra Oncology is a late stage drug development company focused
on achieving the successful registration and commercialization of
momelotinib, a selective and orally-bioavailable JAK1, JAK2 &
ACVR1 inhibitor with a differentiated mechanism of action that
enables it to potentially address all three key drivers of
myelofibrosis: anemia, constitutional symptoms and enlarged spleen.
More than 1,200 subjects have received momelotinib since clinical
studies began in 2009, including more than 820 patients treated for
myelofibrosis.
Sierra has launched MOMENTUM, a randomized double-blind Phase 3
clinical trial designed to enroll 180 myelofibrosis patients who
are symptomatic and anemic, and who have been treated previously
with a JAK inhibitor. The U.S. Food and Drug Administration has
granted Fast Track designation to momelotinib.
For more information, please
visit www.sierraoncology.com.
Cautionary Note on 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, including, but not
limited to, statements regarding Sierra Oncology's expectations
from current data, anticipated clinical development activities,
expected timing and success of enrollment of MOMENTUM and
potential benefits of momelotinib. All statements other than
statements of historical fact are statements that could be deemed
forward-looking statements. These statements are based on
management's current expectations and beliefs and are subject to a
number of risks, uncertainties and assumptions that could cause
actual results to differ materially from those described in the
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties, including, among others, the
risk that Sierra Oncology's cash resources may be insufficient to
fund its current operating plans and it may be unable to raise
additional capital when needed, the risk that disruptions and
impacts of COVID-19 will be significant and lengthy, Sierra
Oncology may be unable to successfully develop and commercialize
momelotinib, momelotinib may not demonstrate safety and
efficacy or otherwise produce positive results, Sierra Oncology may
experience delays in the clinical development of momelotinib,
Sierra Oncology may be unable to acquire additional assets to build
a pipeline of additional product candidates, Sierra Oncology's
third-party manufacturers may cause its supply of materials to
become limited or interrupted or fail to be of satisfactory
quantity or quality, Sierra Oncology may be unable to obtain and
enforce intellectual property protection for its technologies and
momelotinib and the other factors described under the heading "Risk
Factors" set forth in Sierra Oncology's filings with the Securities
and Exchange Commission from time to time. Sierra Oncology
undertakes no obligation to update the forward-looking statements
contained herein or to reflect events or circumstances occurring
after the date hereof, other than as may be required by applicable
law.
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SOURCE Sierra Oncology