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

Rhea-AI Summary

Allena Pharmaceuticals (NASDAQ:ALNA) announced the granting of stock options to a new employee as an inducement for employment. On June 7, 2021, the company awarded stock options to purchase 55,000 shares at an exercise price of $1.20 per share, aligning with the closing trading price. Vesting occurs over four years, with 25% vested after one year and monthly thereafter. The options have a 10-year term. Allena focuses on developing oral enzyme therapeutics for rare metabolic and kidney disorders, with its lead candidate, reloxaliase, in Phase 3 trials.

Positive

• Stock options granted to a new employee, potentially boosting talent acquisition.
• Strategic alignment of stock options' exercise price with market value.

Negative

• None.

NEWTON, Mass., June 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 an inducement award to a new employee. In accordance with NASDAQ Listing Rule 5635(c)(4), the award was made as a material inducement to the employee’s entry into employment with the Company.

In connection with the commencement of employment, the employee received stock options on June 7, 2021, to purchase an aggregate 55,000 shares of Allena common stock. The stock options were granted pursuant to Allena’s 2021 Inducement Plan and have an exercise price of $1.20 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 the employee’s first day of employment with the Company and 1/36 of the remaining shares vesting monthly thereafter, subject to the 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 and gout in the setting of advanced chronic kidney disease, with a Phase 1 multiple-ascending dose study currently in progress and a Phase 2a program planned for the second half of 2021.

Investor Contact
Ashley Robinson
LifeSci Advisors, LLC
617-430-7577
arr@lifesciadvisors.com

FAQ

What stock options were granted by Allena Pharmaceuticals on June 7, 2021?

Allena Pharmaceuticals granted stock options to a new employee to purchase 55,000 shares at an exercise price of $1.20.

How do the stock options for Allena Pharmaceuticals vest?

The stock options vest over four years, with 25% vesting on the one-year anniversary and the remaining shares vesting monthly.

What is the significance of the inducement award by Allena Pharmaceuticals?

The inducement award is intended to attract and retain talent as per NASDAQ Listing Rule 5635(c)(4).

What therapeutic areas does Allena Pharmaceuticals focus on?

Allena Pharmaceuticals develops therapeutics for rare and severe metabolic and kidney disorders.

What is the status of Allena's lead product candidate reloxaliase?

Reloxaliase is currently being evaluated in a pivotal Phase 3 clinical program.