SEATTLE--(BUSINESS WIRE)--Aug. 8, 2018--
Alpine Immune Sciences, Inc. (NASDAQ:ALPN), a company focused on
discovering and developing innovative immunotherapies to treat cancer,
autoimmune/inflammatory and other diseases, today reported the grant of
an equity inducement award to Mark Litton, Ph.D., Alpine’s new President
and Chief Operating Officer, effective August 6, 2018.
The compensation committee of Alpine's Board of Directors granted Dr.
Litton an option to purchase 150,000 shares of common stock. The option
will vest with respect to 25% of the shares underlying the option on the
one year anniversary of Dr. Litton’s employment start date of August 6,
2018 and the remaining 75% of the shares underlying the option will vest
in equal monthly installments over the 36 month period following the one
year anniversary of Dr. Litton’s employment start date, subject to his
continued service to Alpine through each relevant vesting date. In
addition, pursuant to the terms of Alpine’s change of control and
severance policy, if there is a change of control and, upon or during
the 12 months after the change of control, Dr. Litton’s employment is
terminated either (i) by Alpine without cause or (ii) by Dr. Litton for
good reason, the option will become fully vested and exercisable. The
option has a ten-year term and an exercise price of $6.81, equal to the
per share closing price of Alpine's common stock as reported by Nasdaq
on August 6, 2018.
The stock options were granted outside Alpine’s 2018 Equity Incentive
Plan as an inducement material to Dr. Litton entering into employment
with Alpine in accordance with Nasdaq Listing Rule 5635(c)(4). The terms
and conditions of the option are generally consistent with those in
Alpine’s 2018 Equity Incentive Plan.
About Alpine Immune Sciences, Inc.
Alpine Immune Sciences, Inc. is focused on developing novel
protein-based immunotherapies using its proprietary Variant Ig Domain
(vIgD) technology. Alpine’s proprietary scientific platform is designed
to interact with multiple targets, including many present in the immune
synapse. Alpine’s vIgDs are developed using a process known as directed
evolution, which produces proteins capable of either enhancing or
diminishing an immune response and thereby may potentially apply
therapeutically to cancer, autoimmune/ inflammatory and other diseases.
Alpine has also developed Transmembrane Immunomodulatory Protein (TIP)
technology, based on the vIgD technology, to potentially enhance
engineered cellular therapies. For more information, visit www.alpineimmunesciences.com.
“Transmembrane Immunomodulatory Protein,” “TIP,” “Variant Ig Domain,”
“vIgD,” and the Alpine logo are registered trademarks or trademarks of
Alpine Immune Sciences, Inc. in various jurisdictions. All other
trademarks belong to their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180808005741/en/
Source: Alpine Immune Sciences, Inc.
Courtney Dugan, 212-257-6723
Jennifer Paganelli, 347-658-8290