01.07.2024 22:05:07 - dpa-AFX: GNW-Adhoc: ADC Therapeutics Makes Grants to New Employees Under Inducement Plan
LAUSANNE, Switzerland, July 01, 2024 (GLOBE NEWSWIRE) -- ADC Therapeutics SA
(NYSE: ADCT) today announced that the Company has made grants of options to
purchase an aggregate of 172,400 of the Company's common shares to six new
employees on July 1, 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/ (https://www.adctherapeutics.com/) and follow the
Company on LinkedIn (https://www.linkedin.com/company/adc-therapeutics/).
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 success of the
Company's updated corporate strategy including operating efficiencies, capital
deployment and portfolio prioritization; the Company's ability to achieve the
decrease in total operating expenses for 2024, the expected cash runway into
mid-2026, the effectiveness of the new commercial go-to-market strategy,
competition from new technologies, and the Company's ability to grow ZYNLONTA(®)
revenue in the United States; Swedish Orphan Biovitrum AB (Sobi(®)) ability to
successfully commercialize ZYNLONTA(®) in the European Economic Area and market
acceptance, adequate reimbursement coverage, and future revenue from the same;
approval by the NMPA of the BLA for ZYNLONTA(®) in China submitted by Overland
ADCT BioPharma and future revenue from the same, our strategic partners',
including Mitsubishi Tanabe Pharma Corporation, ability to obtain regulatory
approval for ZYNLONTA(®) in foreign jurisdictions, and the timing and amount of
future revenue and payments to us from such partnerships; the timing and future
success from the University of Miami's IITs in FL and MZL; the timing and
results of the Company's or its partners' clinical trials including LOTIS 5 and
7, ADCT 601 and 602 as well as the Company's early-stage pipeline research
projects, actions by the FDA or foreign regulatory authorities with respect to
the Company's products or product candidates; projected revenue and expenses;
the Company's indebtedness, including Healthcare Royalty Management and Oaktree
and Blue Owl facilities, and the restrictions imposed on the Company's
activities by such indebtedness, the ability to 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 20-F and in the Company's other
periodic reports and filings with the 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. The Company undertakes no obligation to
revise or update these forward-looking statements to reflect events or
circumstances after the date of this press release, except as required by law.
CONTACTS:
Investors
Marcy Graham
ADC Therapeutics
Marcy.Graham@adctherapeutics.com (mailto:Marcy.Graham@adctherapeutics.com)
+1 650-667-6450
Media
Nicole Riley
ADC Therapeutics
Nicole.Riley@adctherapeutics.com (mailto:Nicole.Riley@adctherapeutics.com)
+1 862-926-9040
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