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Fate Therapeutics Inc. (NASDAQ:FATE), a biopharmaceutical company focused on the development of programmed cellular immunotherapies, has updated its indemnification agreements for directors and officers, according to a recent filing with the Securities and Exchange Commission.
On Monday, the company's board of directors approved an amended and restated form of the director and officer indemnification agreement. This new agreement, which will be entered into with all current and future directors and officers, replaces the previously adopted form.
The updated indemnification agreement includes several changes to enhance clarity and specificity. Notably, it revises the definition of "change of control" to include details regarding changes in board composition. It also provides for the coverage of legal expenses for separate counsel in the event of a change of control and amends the advancement of defense expenses.
The agreement emphasizes that an indemnitee's right to indemnification is irrespective of any insurance coverage they may have, and it includes an express presumption of good faith for indemnitees, placing the burden of proof on those challenging it.
The updated agreement also makes administrative changes, such as updating the company's address for notices and including provisions that allow indemnitees to seek specific performance of the agreement without needing to show irreparable harm.
This move by Fate Therapeutics is a standard practice in corporate governance, ensuring that its directors and officers are protected against the costs associated with legal proceedings that may arise from their service to the company.
Fate Therapeutics has filed the full text of the amended and restated indemnification agreement as Exhibit 10.1 with its report on Form 8-K, which provides the details of the changes. This update is part of the company's ongoing efforts to align its governance practices with the best interests of its stakeholders and to comply with applicable Delaware law.
In other recent news, Fate Therapeutics has been advancing its clinical trials, focusing on immunotherapies FT819 for systemic lupus erythematosus (SLE) and FT825 for solid tumors. The company's FT522 program in blood cancer was highlighted for its strong proof of concept data.
TD Cowen and BMO Capital Markets maintained their Hold and Market Perform ratings respectively, while Piper Sandler upgraded the company's stock from Neutral to Overweight.
In earnings and revenue news, Fate Therapeutics reported a net loss of $0.47 per share for the first quarter of 2024, closely aligning with the anticipated net loss of $0.46 per share. Its collaboration revenue for the quarter was reported at $1.9 million, nearly double the forecasted $1.0 million.
Other notable developments include the appointment of Dr. Neely Mozaffarian, an experienced immunologist, to its Board of Directors. In addition, the company's ongoing Phase 1 studies are set to deliver several important data readouts in the second half of the year.
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