Allena Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Allena Pharmaceuticals (NASDAQ:ALNA) announced the granting of inducement awards to four new employees. A total of 239,000 stock options were issued on April 5, 2021, with an exercise price set at $1.32 per share. The options vest over four years and are part of Allena's 2021 Inducement Plan, aimed to enhance recruitment. Allena is focused on developing first-in-class oral enzyme therapeutics for rare metabolic and kidney disorders, with its lead candidate, reloxaliase, currently in a pivotal Phase 3 trial for enteric hyperoxaluria.

Positive

• Inducement awards granted to four new employees enhance talent acquisition.
• 239,000 stock options issued potentially align employees' interests with company performance.

Negative

• Stock options may lead to dilution of existing shareholder value.
• Exercise price of $1.32 could indicate subdued market perception.

NEWTON, Mass., April 08, 2021 (GLOBE NEWSWIRE) -- Allena Pharmaceuticals, Inc. (NASDAQ:ALNA), a late-stage biopharmaceutical company dedicated to discovering, developing and commercializing first-in-class oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders, today announced the granting of inducement awards to four new employees. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Allena’s Compensation Committee and made as a material inducement to each employee’s entry into employment with the Company.

In connection with the commencement of their employment, the employees received stock options on April 5, 2021 to purchase an aggregate 239,000 shares of Allena common stock. The stock options were granted pursuant to Allena’s 2021 Inducement Plan and have an exercise price of $1.32 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant. The stock options vest over four years, with 25% vesting on the one-year anniversary of each employee’s first day of employment with the Company and 1/36 of the remaining shares vesting monthly thereafter, subject to each new employee’s continued service relationship with the Company on each such date. The stock options have a 10-year term and are subject to terms and conditions of the Company’s 2021 Inducement Plan and a stock option agreement covering the grant.

About Allena Pharmaceuticals

Allena Pharmaceuticals, Inc. is a late-stage biopharmaceutical company dedicated to discovering, developing and commercializing first-in-class, oral biologic therapeutics to treat patients with rare and severe metabolic and kidney disorders. Allena’s lead product candidate, reloxaliase, is currently being evaluated in a pivotal Phase 3 clinical program for the treatment of enteric hyperoxaluria, a metabolic disorder characterized by markedly elevated urinary oxalate levels and commonly associated with kidney stones, chronic kidney disease and other serious kidney disorders. Allena is also developing ALLN-346 for the treatment of hyperuricemia in the setting of gout and advanced chronic kidney disease, with a Phase 1 multiple-ascending dose study and a Phase 2a program planned for 2021.

Investor Contact
Hannah Deresiewicz
Stern Investor Relations, Inc.
212-362-1200
hannah.deresiewicz@sternir.com

Media Contact
Adam Daley
Berry & Company Public Relations
212-253-8881
adaley@berrypr.com

 

FAQ

What stock options were granted by Allena Pharmaceuticals on April 5, 2021?

Allena Pharmaceuticals granted 239,000 stock options with an exercise price of $1.32 per share.

What is the vesting period for the stock options granted to new employees at Allena?

The stock options vest over four years, with 25% vesting after one year and the remainder vesting monthly.

How does Allena Pharmaceuticals plan to attract new talent?

Allena Pharmaceuticals uses inducement awards as a material incentive for new employees.

What is Allena Pharmaceuticals' lead product candidate?

Allena's lead product candidate is reloxaliase, currently in a Phase 3 clinical trial for enteric hyperoxaluria.

Which plan governs the stock options issued by Allena Pharmaceuticals?

The stock options were granted under the 2021 Inducement Plan.