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

Rhea-AI Summary

Albireo Pharma, Inc. (Nasdaq: ALBO) announced the grant of inducement restricted stock units for 13,700 shares of its common stock. This grant is part of the employee's acceptance of employment, aligning with Nasdaq Listing Rule 5635(c)(4). The restricted stock units will vest over four years, with 25% vesting on the first anniversary of employment and the remaining 75% vesting quarterly. Albireo continues to focus on developing novel bile acid modulators for pediatric and adult liver diseases, including the FDA-approved Bylvay for treating pruritus in progressive familial intrahepatic cholestasis.

Positive

• Granting of 13,700 inducement restricted stock units can attract talent.
• Vesting schedule of four years aligns employee interests with shareholder value.

Negative

• None.

BOSTON, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Albireo Pharma, Inc. (Nasdaq: ALBO), a rare liver 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 in Europe for the treatment of PFIC. Bylvay is also being developed to treat other rare pediatric cholestatic liver diseases with a completed Phase 3 trial in Alagille syndrome (ALGS), an ongoing Phase 3 trial in biliary atresia, as well as Open-label Extension (OLE) studies for PFIC and ALGS. 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 13,700 restricted stock units granted by Albireo Pharma?

The 13,700 restricted stock units were granted as an inducement to a new employee, reflecting Albireo's strategy to attract and retain talent, which is essential for its growth.

How does the vesting schedule for Albireo's restricted stock units work?

The restricted stock units vest over four years, with 25% vesting on the one-year anniversary of the employee's start date and the remaining 75% vesting in 12 equal quarterly installments.

What does Albireo Pharma focus on developing?

Albireo Pharma specializes in developing novel bile acid modulators aimed at treating pediatric and adult liver diseases, including its lead product, Bylvay.

What is Bylvay used for?

Bylvay is approved by the FDA for treating pruritus in all types of progressive familial intrahepatic cholestasis (PFIC).