Surface Oncology Reports Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

CAMBRIDGE, Mass., April 01, 2022 (GLOBE NEWSWIRE) -- Surface Oncology, Inc. (Nasdaq: SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, today announced that Surface’s board of directors granted Theresa Boni, J.D., general counsel and senior vice president, legal, non-qualified stock options to purchase 120,000 shares of the company’s common stock with a per share exercise price of $2.87, the closing price of Surface’s common stock as reported by Nasdaq on April 1, 2022.

The option grant was made pursuant to Surface’s 2021 Inducement Plan as an inducement material to Ms. Boni entering into employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have a 10-year term and vest over four years, with 30,000 vesting on March 14, 2023, and the remaining options vesting in substantially equal monthly installments over the following 36 months.

About Surface Oncology
Surface Oncology is an immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment. Its pipeline includes two wholly-owned clinical-stage programs targeting CD39 (SRF617) and IL-27 (SRF388), as well as a preclinical program focused on selectively depleting regulatory T cells in the tumor microenvironment via targeting CCR8 (SRF114). In addition, Surface has two partnerships with major pharmaceutical companies: a collaboration with Novartis targeting CD73 (NZV930; Phase 1) and a collaboration with GlaxoSmithKline targeting PVRIG (GSK4381562, formerly SRF813; Phase 1). Surface’s novel, investigational, cancer immunotherapies are designed to achieve a clinically meaningful and sustained anti-tumor response and may be used alone or in combination with other therapies. For more information, please visit www.surfaceoncology.com.

Contact
Scott Young
(617) 865-3250
syoung@surfaceoncology.com


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Source: Surface Oncology, Inc.