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

Rhea-AI Summary

Allena Pharmaceuticals (NASDAQ:ALNA) announced an inducement stock option grant for a new employee, consisting of 55,000 shares at an exercise price of $1.28. This grant, aligned with NASDAQ Listing Rule 5635(c)(4), will vest over four years. Allena is focused on developing oral enzyme therapeutics for rare metabolic and kidney disorders, with its lead candidate, reloxaliase, in a pivotal Phase 3 trial for enteric hyperoxaluria. The company is also advancing ALLN-346 for hyperuricemia related to gout.

Positive

• Inducement award granted for a new employee, indicating growth and recruitment efforts.
• Stock options align with the company's strategic initiatives to attract talent.
• Continued development of reloxaliase, potentially expanding market opportunities.

Negative

• None.

NEWTON, Mass., May 04, 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 approved by Allena’s Compensation Committee and made as a material inducement to the employee’s entry into employment with the Company.

In connection with the commencement of their employment, the employee received stock options on May 3, 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 $1.28 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 are the details of the stock options granted by Allena Pharmaceuticals (ALNA)?

Allena Pharmaceuticals granted 55,000 stock options at $1.28 per share, vesting over four years.

What is the purpose of the stock option grant announced by Allena Pharmaceuticals (ALNA) on May 4, 2021?

The stock option grant serves as an inducement for a new employee's entry into the company.

What is Allena Pharmaceuticals (ALNA) focusing on in its clinical programs?

Allena is focused on developing treatments for rare metabolic disorders, with reloxaliase in Phase 3 trials.

How long is the vesting period for stock options at Allena Pharmaceuticals (ALNA)?

The stock options vest over four years, with 25% vesting after the first year.

What are the key products in development by Allena Pharmaceuticals (ALNA)?

Key products include reloxaliase for enteric hyperoxaluria and ALLN-346 for hyperuricemia.