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 two new employees as a material inducement for their employment. On August 2, 2021, the employees received stock options to purchase 28,000 shares at an exercise price of $0.95 per share, reflecting the closing price at grant. The options vest over four years, with terms outlined in Allena’s 2021 Inducement Plan. Allena focuses 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 clinical program.

Positive

• Inducement awards may enhance employee retention and motivation.
• Stock options granted at a competitive price of $0.95 may boost employee engagement.

Negative

• The issuance of stock options can dilute existing shareholders.
• The company's need to offer inducement awards may indicate challenges in attracting talent.

NEWTON, Mass., Aug. 03, 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 two new employees. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were made as a material inducement to each employee’s entry into employment with the Company.

In connection with the commencement of employment, the employees received stock options on August 2, 2021, to purchase an aggregate 28,000 shares of Allena common stock. The stock options were granted pursuant to Allena’s 2021 Inducement Plan and have an exercise price of $0.95 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 recently completed 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 August 2, 2021?

On August 2, 2021, Allena Pharmaceuticals granted stock options for a total of 28,000 shares to two new employees.

What is the exercise price for the stock options granted to Allena Pharmaceuticals employees?

The stock options granted to the employees have an exercise price of $0.95 per share.

What is the vesting schedule for Allena Pharmaceuticals' stock options?

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

What is the focus of Allena Pharmaceuticals?

Allena Pharmaceuticals focuses on developing oral enzyme therapeutics for rare metabolic and kidney disorders.

What is the status of Allena Pharmaceuticals' lead product, reloxaliase?

Reloxaliase is currently being evaluated in a pivotal Phase 3 clinical program for treating enteric hyperoxaluria.