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

Rhea-AI Summary

On September 27, 2022, Albireo Pharma (Nasdaq: ALBO) announced the grant of 13,700 inducement restricted stock units, aimed at attracting new employees. These units will vest over four years, with 25% vesting on the first anniversary and the remaining 75% in quarterly installments. This grant aligns with Nasdaq Listing Rule 5635(c)(4). Albireo specializes in developing bile acid modulators for rare liver diseases, with its lead product Bylvay recently approved for treating pruritus associated with progressive familial intrahepatic cholestasis (PFIC).

Positive

• Grant of 13,700 restricted stock units to attract talent.
• Bylvay approved as the first treatment for pruritus in PFIC.

Negative

• None.

BOSTON, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Albireo Pharma, Inc. (Nasdaq: ALBO), a rare disease company developing novel bile acid modulators to treat pediatric and adult liver diseases, today announced the grant of inducement restricted stock units to acquire 13,700 shares of Albireo’s common stock. The restricted stock units were granted as an inducement material to the employee’s acceptance of employment with Albireo in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock units vest over a four-year period, subject to the employee’s continued service with Albireo through the applicable vesting dates. The vesting schedule for each restricted stock unit is 25 percent on the one-year anniversary of the employee’s start date with Albireo and 75 percent in 12 equal quarterly installments thereafter. The restricted stock units are subject to the terms and conditions of Albireo’s 2020 Inducement Equity Incentive Plan.

About Albireo

Albireo Pharma is a rare disease company focused on the development of novel bile acid modulators to treat pediatric and adult liver diseases. Albireo’s lead product, Bylvay, was approved by the U.S. FDA as the first drug for the treatment of pruritus in all types of progressive familial intrahepatic cholestasis (PFIC), and it is also being developed to treat other rare pediatric cholestatic liver diseases with Phase 3 trials in Alagille syndrome (ALGS) and biliary atresia, as well as Open-label Extension (OLE) studies for PFIC and ALGS. In Europe, Bylvay is reimbursed for the treatment of PFIC in Germany, England, Wales & Northern Ireland, Scotland, Italy, and Belgium. The Company has also completed a Phase 1 clinical trial for A3907 to advance development in adult cholestatic liver disease, with IND-enabling studies progressing with A2342 for viral and cholestatic liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden. For more information on Albireo, please visit www.albireopharma.com.

Media Contacts:
Colleen Alabiso, 857-356-3905, colleen.alabiso@albireopharma.com
Lance Buckley, 917-439-2241, lbuckley@lippetaylor.com

Investor Contact:
Hans Vitzthum, LifeSci Advisors, LLC., 617-430-7578

FAQ

What is the significance of the restricted stock units granted by Albireo Pharma?

The grant of 13,700 restricted stock units aims to attract new talent and aligns with Nasdaq regulations, enhancing employee incentives.

How does Bylvay relate to Albireo Pharma's business?

Bylvay is Albireo's lead product, approved by the FDA for treating pruritus in all types of PFIC, marking a significant advancement in rare liver disease therapies.

What is the vesting schedule for the restricted stock units granted by Albireo?

The restricted stock units vest over four years: 25% after one year and 75% in equal quarterly installments thereafter.

When was the press release about the grant of stock units issued?

The press release regarding the grant of inducement restricted stock units was issued on September 27, 2022.