SOUTH SAN FRANCISCO, Calif., June 03, 2022 (GLOBE NEWSWIRE) — Sutro Biopharma, Inc. (“Sutro” or the “Company”) (STRO), a clinical-stage drug discovery, development and manufacturing company focused on the application of precise protein engineering and rational design to create next-generation cancer therapies, today announced that on June 3, 2022, the Compensation Committee of Sutro’s Board of Directors has awarded 75,000 shares of Sutro Biopharma stock options and 80,000 restricted stock units of Sutro common stock to three new employees. The grants were awarded as incentive material for employees to accept employment with Sutro and were approved by the Compensation Committee of Sutro’s Board of Directors in accordance with the Nasdaq Listing Rule 5635(c)(4).
PSUs and stock options are subject to the terms and conditions of Sutro’s 2021 Stock Incentive Plan. One-fourth of the aggregate number of shares subject to RSUs will vest on the first anniversary of the employee’s hire date and annually thereafter until full vesting on the fourth anniversary, subject to the employee’s continuous service with Sutro on each of these acquisition dates. . One quarter of the total number of shares underlying the stock options will vest on the first anniversary of the employee’s hire date and 1/48th of the total number of shares underlying the stock options will vest on the first anniversary of the employee’s date of hire. Purchased shares will vest monthly thereafter until fully vested on the fourth anniversary of the employee’s hire date, subject to the employee’s continued service with Sutro at each of these acquisition dates. The stock options have a term of ten years and an exercise price equal to the closing price of Sutro common stock on the date of grant as reported by the Nasdaq Stock Market.
About Sutro Biopharma
Sutro Biopharma, Inc., located in South San Francisco, is a clinical-stage drug discovery, development and manufacturing company. Through precise protein engineering and rational design, Sutro is advancing next-generation oncology therapies.
Sutro’s proprietary and integrated cell-free XpressCF® protein synthesis platform and XpressCF+® site-specific conjugation platform led to the discovery of STRO-001 and STRO-002, the first two ADCs developed in-house by Sutro. Sutro. STRO-001 is a CD74-targeting ADC currently being studied in a Phase 1 clinical trial for patients with advanced B-cell malignancies and has received orphan drug designation from the FDA for multiple myeloma. STRO-002, an ADC targeting folate receptor alpha (FolRα), is currently being studied in a Phase 1 clinical trial for patients with ovarian and endometrial cancers and has received Fast designation FDA track for ovarian cancer. A third product candidate, CC-99712, an ADC targeting BCMAs, which is part of Sutro’s collaboration with Bristol Myers Squibb, formerly Celgene Corporation, is enrolling patients for its Phase 1 clinical trial in patients with multiple myeloma and has received orphan drug designation from the FDA. A fourth product candidate, M1231, a MUC1-EGFR bispecific ADC, which is part of Sutro’s collaboration with Merck KGaA, Darmstadt, Germany, known as EMD Serono in the United States and Canada (EMD Serono) , is recruiting patients for its Phase 1 clinical trial of patients with metastatic solid tumors, non-small cell lung cancer (NSCLC), and esophageal squamous cell carcinoma. These four product candidates are derived from Sutro’s XpressCF® and XpressCF+® technology platforms. Bristol Myers Squibb and EMD Serono hold worldwide development and commercialization rights to CC-99712 and M1231, respectively, for which Sutro is entitled to milestone or contingent payments and tiered royalties.
Sutro is dedicated to transforming the lives of cancer patients by creating medicines with improved therapeutic profiles for areas of unmet need. To date, Sutro’s platform has led to ADCs, bispecific antibodies, cytokine-based immuno-oncology therapies and vaccines directed to previous targets in clinical indications where the current standard of care is suboptimal.
Sutro’s platform enables it to accelerate the discovery and development of potential first-in-class and best-in-class molecules through rapid and systematic assessment of protein structure-activity relationships to create optimized homogeneous product candidates. In addition to developing its own oncology pipeline, Sutro collaborates with selected pharmaceutical and biotechnology companies to discover and develop novel, next-generation therapies.
Follow Sutro on Twitter, @Sutrobioand towww.sutrobio.com to learn more about our passion for changing the future of oncology.
Annie J. Chang