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

Rhea-AI Summary

Albireo Pharma, Inc. (Nasdaq: ALBO) announced the grant of inducement stock options for 18,500 shares at an exercise price of $36.98 per share. These options were granted to new employees as part of their employment acceptance, complying with Nasdaq Listing Rule 5635(c)(4). Each option has a 10-year term and vests over four years. Albireo focuses on developing novel bile acid modulators for rare liver diseases, with its lead product odevixibat entering Phase 3 trials for pediatric cholestatic liver diseases, including PFIC and biliary atresia.

Positive

• Granting of stock options may attract talent, enhancing the workforce.
• Albireo's lead candidate, odevixibat, is in Phase 3 trials indicating progress in clinical development.

Negative

• None.

BOSTON, Jan. 06, 2021 (GLOBE NEWSWIRE) -- Albireo Pharma, Inc. (Nasdaq: ALBO), a clinical-stage rare liver disease company developing novel bile acid modulators, today announced the grant of inducement stock options exercisable for an aggregate of 18,500 shares of Albireo’s common stock. The stock options are exercisable at a price of $36.98 per share, the closing price of Albireo’s common stock on January 4, 2021, the grant date, and were granted as inducements material to the employee’s acceptance of employment with Albireo in accordance with Nasdaq Listing Rule 5635(c)(4). Each stock option has a 10-year term and vests over a four-year period, subject to the employee’s continued service with Albireo through the applicable vesting dates. The vesting schedule for each stock option 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 stock options are subject to the terms and conditions of Albireo’s 2020 Inducement Equity Incentive Plan.

About Albireo
Albireo Pharma is a clinical-stage biopharmaceutical company focused on the development of novel bile acid modulators to treat rare pediatric and adult liver diseases and disorders. Albireo’s lead product candidate, odevixibat, is being developed to treat rare pediatric cholestatic liver diseases with Phase 3 pivotal trials in PFIC, Alagille syndrome and biliary atresia. The Company completed IND-enabling studies for new preclinical candidate A3907 this year and plans to advance development in adult liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden.

Media & Investor contacts:
Colleen Alabiso, 857-356-3905, colleen.alabiso@albireopharma.com
Hans Vitzthum, LifeSci Advisors, LLC., 857-272-6177

FAQ

What is the significance of Albireo Pharma's stock options announcement dated January 6, 2021?

The announcement indicates Albireo is incentivizing new employees through stock options, which may enhance recruitment and retention.

What is the exercise price for the stock options granted by Albireo Pharma?

The exercise price for the stock options is $36.98 per share.

How many stock options did Albireo Pharma grant?

Albireo Pharma granted a total of 18,500 stock options.

What is the vesting schedule for the stock options granted by Albireo?

The stock options vest 25% on the one-year anniversary of employment, with the remaining 75% vesting quarterly over the next three years.

What are the clinical trials Albireo Pharma is currently conducting?

Albireo's lead candidate, odevixibat, is undergoing Phase 3 pivotal trials for rare pediatric cholestatic liver diseases.