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Structure Therapeutics Inc., a pharmaceutical company, announced the appointment of Angus Russell to its Board of Directors, effective Monday, August 26, 2024. Russell will serve as a Class I director until the 2027 Annual Meeting of Shareholders and will join the Audit Committee.
The Board, following the Nominating and Corporate Governance Committee's recommendation, confirmed that Russell meets the Nasdaq's independence criteria and the financial literacy requirements for audit committee members. With Russell's appointment, Ted Love, M.D., transitioned from the Audit Committee.
Russell was granted an initial option to purchase 75,000 of the company's ordinary shares, equivalent to 25,000 American Depositary Shares (ADSs), which will vest monthly over three years, contingent on his ongoing service. For his roles on the Board and Audit Committee, he will receive annual cash retainers of $45,000 and $10,000, respectively, prorated for 2024.
Structure Therapeutics, which operates under the ticker NASDAQ:GPCR, has provided Russell with a standard indemnification agreement. The company disclosed no further arrangements or transactions related to Russell's appointment that would require disclosure under SEC regulations.
The information is based on a press release statement filed with the SEC on Tuesday, August 27, 2024, by Structure Therapeutics Inc.
In other recent news, South San Francisco-based Structure Therapeutics Inc. has seen several significant developments. The company recently announced the election of Sharon Tetlow as a Class I Director at its 2024 Annual General Meeting, along with the ratification of Ernst & Young LLP as the company's accounting firm for the fiscal year ending December 31, 2024. The board also appointed Ted W. Love, M.D. to the Audit Committee.
Structure Therapeutics has been a subject of positive ratings from BMO Capital Markets and JPMorgan, both maintaining confidence in the company's potential. This confidence is due to promising results from the company's Phase 2a trial of its oral therapeutic, GSBR-1290, which showed significant weight loss and manageable adverse events.
The company also disclosed plans for an underwritten public offering of 8 million American depositary shares (ADSs), with Goldman Sachs & Co (NYSE:GS). LLC, Morgan Stanley, Jefferies, Leerink Partners, Guggenheim Securities, and BMO Capital Markets as joint book-running managers. The offering's completion and final public offering price are subject to market conditions.
Furthermore, Structure Therapeutics reported significant weight loss results from two separate studies of its oral therapeutic, GSBR-1290. The Phase 2a obesity study and a capsule to tablet pharmacokinetic study both met their primary and secondary objectives, with participants achieving an average weight loss of 6.2% and up to 6.9% at 12 weeks. These are the recent developments in Structure Therapeutics' journey as it continues to make strides in its mission to develop oral treatments for metabolic and cardiopulmonary diseases.
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