21 November 2022
BerGenBio ASA: Grant of share options
Bergen, Norway, 21 November 2022 – BerGenBio ASA (the “Company”) (OSE:BGBIO), a clinical-stage biopharmaceutical company developing novel, selective AXL kinase inhibitors for severe unmet medical needs, today announce that the Board of Directors has granted options to employees.
The annual general meeting in the Company 28 April 2022 approved the share option program and authorised the board of directors of the Company to issue shares to the Company’s employees as part of a long-term incentive plan and share option program.
Options granted under the share option program will vest equally over a three-year vesting period following the grant and each option, when exercised, will give the right for each option to acquire one share in the Company at a fixed strike price. Options granted under the share option program expire eight years after grant date.
A total of 2,114,230 share options, equal to 2.38% of total shares issued in the Company, were granted at strike price at NOK 7.59 per option, constituting the volume weighted average share price over the last two weeks before the grant.
The board considers an option program as an important element in attracting and retaining employees to foster long-term success. The board considers the option program terms and allocation to be at the market for comparable peers.
Due to changes in Executive Management over the last two years, this grant is above the average annual grant which has been 1.87% over the last five years. After this grant the total issued options is 4.92% of the total issued shares in the Company, below the average level over the last five years of 5.93%.
Of the total grant the following were granted to primary insiders (total holdings of share options following this grant):
Martin Olin – CEO: 950,000 (950,000)
Rune Skeie – CFO: 100,000 (397,097)
James Barnes – COO: 110,000 (411,522)
Cristina Oliva – CMO: 200,000 (200,000)
Nigel McCracken – CSO: 275,000 (275,000)
In total 1,635,000 share options were granted to primary insiders.
Following this grant a total of 4,358,505 share options are issued, equal to 4.92% of the total shares issued in the Company. Of this, 1,753,726 share options are vested and 2,604,779 not vested.
-End-
Contacts
Martin Olin
CEO, BerGenBio ASA
ir@bergenbio.com
Rune Skeie
CFO, BerGenBio ASA
rune.skeie@bergenbio.com
About BerGenBio ASA
BerGenBio is a clinical-stage biopharmaceutical company focused on developing transformative drugs targeting AXL as a potential cornerstone of therapy for aggressive diseases, including cancer and severe respiratory infections. The Company is focused on its proprietary lead candidate bemcentinib a potentially first-in-class selective AXL inhibitor in development for STK11 mutated NSCLC and COVID-19.
BerGenBio is based in Bergen, Norway with a subsidiary in Oxford, UK. The company is listed on the Oslo Stock Exchange (ticker: BGBIO). For more information, visit www.bergenbio.com
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties, and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
About Oncoinvent
Oncoinvent is developing Radspherin®, a receptor-independent alpha radiation therapy that leverages the unique anatomy of the abdominal cavity to destroy residual micrometastases using a single, highly localized dose of alpha radiation. The initial clinical focus is treatment of ovarian and colorectal cancer patients after surgical removal of the primary tumor and visible metastases in the peritoneum, the thin membrane lining the abdominal cavity and covering the abdominal organs.
This radiopharmaceutical is designed to prevent or delay recurrence in the peritoneal cavity, keeping patients disease-free for longer than the current standard of care and thereby also impacting overall survival. It is broadly applicable to any cancer that spreads to the peritoneum, e.g. ovarian, colorectal, and gastric cancers. Radspherin® stands out for its simplicity, excellent safety profile, and seamless integration into existing surgical workflows. Oncoinvent’s product is easy to use, avoids systemic delivery and significant toxicity. It is also differentiated in being simple to manufacture, scalable, and supply de-risked.
Data from two trials in ovarian (phase 1) and colorectal (phase 1/2a) cancers, are highly promising, showing an excellent safety profile and meaningful signals of efficacy. Interim data from an ongoing, randomized, controlled phase 2 ovarian cancer trial is expected in 2026. With cost-effective manufacturing, blockbuster potential, active pharma partnership momentum, plus strong endorsements from leading experts, Oncoinvent is built for scale and commercial success, and is set to become the new standard for post-surgical cancer care. The Company was founded by the originators of Algeta and Xofigo (acquired by Bayer).
