SAN FRANCISCO, March 08, 2024 (GLOBE NEWSWIRE) — 89bio, Inc. (the “Company” or “89bio”) (Nasdaq: ETNB), a clinical-stage biopharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of liver and cardiometabolic diseases, today announced that the Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to purchase an aggregate of 10,800 shares of the Company’s common stock to a new employee (the “Inducement Grant”) on March 6, 2024 (the “Grant Date”). The Inducement Grant has been granted pursuant to the Company’s 2023 Inducement Plan (the “Plan”). The Inducement Grant was granted as an inducement material to this individual entering into employment with 89bio in accordance with Nasdaq Listing Rule 5635(c)(4).
The Inducement Grant has an exercise price per share that is equal to the closing price of 89bio’s common stock on the Grant Date. The Inducement Grant will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of the employee’s start date, and thereafter the remainder of the shares vest in 12 equal quarterly installments, subject to each employee’s continued employment with 89bio through the applicable vesting dates.
About 89bio
89bio is a clinical-stage biopharmaceutical company dedicated to the development of best-in-class therapies for patients with liver and cardiometabolic diseases who lack optimal treatment options. The company is focused on rapidly advancing its lead candidate, pegozafermin, through clinical development for the treatment of nonalcoholic steatohepatitis (NASH) and severe hypertriglyceridemia (SHTG). Pegozafermin is a specifically engineered, potentially best-in-class fibroblast growth factor 21 (FGF21) analog with unique glycoPEGylated technology that optimizes biological activity through an extended half-life. Pegozafermin has been granted Breakthrough Therapy Designation for the treatment of NASH with fibrosis from U.S. Food and Drug Administration (FDA). The company is headquartered in San Francisco. For more information, visit www.89bio.com or follow the company on LinkedIn.
Investor Contact:
Annie Chang
89bio, Inc.
[email protected]
PJ Kelleher
LifeSci Advisors, LLC
+1-617-430-7579
[email protected]
Media Contact:
Sheryl Seapy
Real Chemistry
[email protected]
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