Absci Announces Inducement Grant Under Nasdaq Listing Rule 5635
Absci Corporation, a leading data-first generative AI drug creation company traded on the Nasdaq under the symbol ABSI, has recently disclosed an inducement grant made to Ms. Shelby Walker, marking a significant development in the firm’s strategic expansion plans. The grant, consisting of a non-statutory stock option for the purchase of 613,000 shares of Absci’s common stock, was officially awarded on July 1, 2024.
According to the details shared by Absci, the stock option is part of a comprehensive remuneration package offered to Ms. Walker in her capacity as the newly appointed Chief Legal Officer at the company. This move aligns with Absci’s commitment to attracting top talent and fostering a culture of excellence within its workforce. The inducement grant was sanctioned by Absci’s Board of Directors in compliance with the 2023 Inducement Plan and in adherence to Nasdaq Listing Rule 5635(c)(4).
In terms of specifics, the stock option award comes with an exercise price of $3.01 per share, reflecting the closing price of Absci’s common stock on the Nasdaq Global Select Market as of the Grant Date. The option possesses a 10-year term and will vest over a four-year period, with 25% of the shares becoming exercisable after the first year and the remaining 75% vesting gradually in monthly installments thereafter. This schedule ensures that the stock option granted to Ms. Walker will be fully vested by the fourth anniversary of the Grant Date, subject to her continued service with Absci.
Absci’s decision to grant this inducement aligns with its strategic vision of leveraging data-first generative AI technologies to expedite the drug creation process, ultimately leading to better outcomes for patients. By combining AI with scalable wet lab capabilities, Absci aims to enhance the efficiency and effectiveness of biologics development, with a focus on accelerating the speed to market and improving therapeutic success rates.
Headquartered in Vancouver, WA, with key research facilities in New York City and Switzerland, Absci operates on the principle of Integrated Drug Creation™, which streamlines the optimization of multiple drug attributes crucial to development and therapeutic efficacy. By harnessing the power of AI-driven antibody design and rapid wet lab validation, Absci is pioneering a transformative approach to drug discovery that promises to redefine the industry landscape.
Investors and stakeholders interested in staying updated on Absci’s latest developments are encouraged to visit the company’s official website and investor relations portal, where relevant information, including SEC filings, press releases, and conference calls, is routinely shared. Additionally, Absci maintains an active presence on social media platforms such as Twitter, LinkedIn, and YouTube, providing further insights into its innovative initiatives and strategic milestones.
As Absci continues to push the boundaries of AI-driven drug creation and biologics development, the grant of the stock option to Ms. Walker underscores the company’s commitment to fostering talent and driving innovation in the pharmaceutical sector. With a relentless focus on patient-centric outcomes and scientific excellence, Absci is poised to lead the industry towards a future defined by cutting-edge advancements and impactful therapies.
