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

Rhea-AI Summary

Albireo Pharma (Nasdaq: ALBO) announced the grant of inducement stock options for a total of 18,500 shares, exercisable at $38.39 per share, the closing price on February 16, 2021. These options, crucial for new employee hires, have a 10-year term and vest over four years. The grant complies with Nasdaq Listing Rule 5635(c)(4). Albireo focuses on developing bile acid modulators for rare liver diseases, with its lead candidate, odevixibat, in Phase 3 trials for pediatric cholestatic liver diseases. The company was recognized as one of the Best Places to Work in Massachusetts for 2020.

Positive

• Grant of stock options to attract and retain talent.
• Odevixibat in Phase 3 trials, indicating progress in drug development.
• Recognition as one of the Best Places to Work in Massachusetts.

Negative

• None.

BOSTON, Feb. 17, 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 $38.39 per share, the closing price of Albireo’s common stock on February 16, 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. 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 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. The Boston Business Journal named Albireo one of the 2020 Best Places to Work in Massachusetts for the second consecutive year. For more information on Albireo, please visit www.albireopharma.com.

Media & Investor contacts:
Colleen Alabiso, 857-356-3905, colleen.alabiso@albireopharma.com

Hans Vitzthum, LifeSci Advisors, LLC., 617-430-7578

FAQ

What stock options were announced by Albireo Pharma on February 17, 2021?

Albireo Pharma announced the grant of inducement stock options for 18,500 shares at $38.39 per share.

What is the purpose of the stock options granted by Albireo Pharma?

The stock options were granted as inducements material to new employees' acceptance of employment with Albireo.

What is Albireo Pharma's lead product candidate?

Albireo Pharma's lead product candidate is odevixibat, being developed for rare pediatric cholestatic liver diseases.

What phase are the clinical trials for odevixibat currently in?

Odevixibat is currently in Phase 3 pivotal trials for pediatric liver diseases.

How long is the term for the stock options granted by Albireo Pharma?

Each stock option has a 10-year term.