Aeglea BioTherapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Aeglea BioTherapeutics (NASDAQ: AGLE) has granted 1,884,838 non-qualified stock options to newly appointed CEO Jeffrey M. Goldberg, as per Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $1.22 per share, aligned with the stock's closing price on November 29, 2022. Vesting schedule includes 25% after one year, followed by a 36-month ratable vesting contingent on continued employment. Aeglea is focused on innovative human enzyme therapeutics for rare metabolic diseases, with clinical trials underway for pegzilarginase and pegtarviliase.

Positive

• Appointment of Jeffrey M. Goldberg as CEO, signaling potential strategic leadership.
• Inducement stock option grant may align CEO's interests with shareholder value.
• Ongoing clinical trials for pegzilarginase with primary endpoint achieved in Phase 3.

Negative

• 1,884,838 stock options could dilute existing shareholder equity.
• Dependence on successful clinical trial outcomes for business viability.

AUSTIN, Texas, Dec. 2, 2022 /PRNewswire/ -- Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE), a clinical-stage biotechnology company developing a new generation of human enzyme therapeutics as innovative solutions for rare metabolic diseases, today announced that the compensation committee of its board of directors has granted non-qualified stock options to purchase an aggregate of 1,884,838 shares of Aeglea's common stock to Jeffrey M. Goldberg as a material inducement to his appointment as the chief executive officer of Aeglea in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules.

The stock options approved under Mr. Goldberg's inducement grant were issued on terms substantially similar to Aeglea's 2016 Equity Incentive Plan and have an exercise price of $1.22 per share, which is equal to the closing price of Aeglea's common stock on November 29, 2022. The option award vests as to 25% of the shares on the one-year anniversary of its grant, with the remainder of the shares vesting ratably over 36 months thereafter subject to Mr. Goldberg's continued employment through the applicable vesting date.

About Aeglea BioTherapeutics

Aeglea BioTherapeutics is a clinical-stage biotechnology company redefining the potential of human enzyme therapeutics to benefit people with rare metabolic diseases with limited treatment options. Aeglea is investigating pegtarviliase in an ongoing Phase 1/2 clinical trial for the treatment of Classical Homocystinuria. Pegtarviliase has been granted Rare Pediatric Disease Designation. Aeglea's other clinical program, pegzilarginase, achieved the primary endpoint of arginine reduction in the PEACE Phase 3 clinical trial and has received both Rare Pediatric Disease and Breakthrough Therapy Designations. The Marketing Authorization Application for pegzilarginase is currently under review with the European Medicines Agency. Aeglea has an active discovery platform focused on engineering small changes in human enzymes to have a big impact on the lives of patients and their families. For more information, please visit http://aeglea.com.

 

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SOURCE Aeglea BioTherapeutics, Inc.

FAQ

What stock options were granted to Jeffrey M. Goldberg at Aeglea?

Jeffrey M. Goldberg was granted 1,884,838 non-qualified stock options at an exercise price of $1.22 per share.

When did Aeglea announce the inducement grant under Nasdaq Listing Rule 5635?

Aeglea announced the inducement grant on December 2, 2022.

What is the significance of the stock option grant for AGLE shareholders?

The stock option grant ties the CEO's financial interests to shareholder value but may dilute existing equity.

What are Aeglea's clinical programs currently focusing on?

Aeglea is focused on pegzilarginase for Classical Homocystinuria and pegtarviliase in ongoing clinical trials.

What designations has pegzilarginase received?

Pegzilarginase has received Rare Pediatric Disease and Breakthrough Therapy Designations.