Annexon Reports Inducement Grant to New Employee Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Annexon, Inc. (Nasdaq: ANNX), a clinical-stage biopharmaceutical company, has granted a significant equity inducement award to its chief scientific officer, Dean “Rick” Artis, Ph.D. The award, effective January 15, 2023, includes an option to purchase 210,000 shares at an exercise price of $6.84, the closing price on January 13, 2023. This option has a ten-year term and will vest over four years. Annexon is focused on developing complement medicines for autoimmune, neurodegenerative, and ophthalmic disorders, with multiple clinical trials underway and anticipated readouts throughout 2023 and beyond.

Positive

• Granting of a substantial equity award to the chief scientific officer, indicating confidence in leadership.
• Equity option involves a long-term vesting schedule, aligning interests of Dr. Artis with shareholders.
• Continued development of a diversified pipeline targeting critical diseases.

Negative

• None.

BRISBANE, Calif., Jan. 17, 2023 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a clinical-stage biopharmaceutical company developing a new class of complement medicines for patients with classical complement-mediated autoimmune, neurodegenerative and ophthalmic disorders, today announced that it has granted an equity inducement award to Dean “Rick” Artis, Ph.D., chief scientific officer, under the terms of the 2022 Employment Inducement Award Plan. The equity award was approved on January 4, 2023, effective January 15, 2023, in accordance with Nasdaq Listing Rule 5635(c)(4).

Dr. Artis received an option to purchase 210,000 shares of Annexon common stock. The option carries a ten-year term and an exercise price per share equal to $6.84, which was the closing price of Annexon’s common stock on January 13, 2023, the trading date immediately preceding the grant date, and vests over four years, with 25% of the shares underlying the option vesting on the first anniversary of the employee’s employment start date, and an additional 1/48th of the shares vesting monthly thereafter, subject to continued service through the applicable vesting dates.  

About Annexon

Annexon (Nasdaq: ANNX) is a clinical-stage biopharmaceutical company seeking to bring game-changing medicines to patients with classical complement-mediated diseases of the body, brain and eye. The classical complement cascade is a seminal pathway within the immune system that anchors and drives a host of autoimmune, neurodegenerative and ophthalmic diseases. Annexon is advancing a new class of complement medicines targeting the early classical cascade and all downstream pathway components that contribute to disease, while selectively preserving the beneficial immune functions of other complement pathways. Annexon is rigorously developing a pipeline of diversified product candidates across multiple mid- to late-stage clinical trials, with clinical readouts anticipated throughout 2023 and beyond.

Investor Contact:

Chelcie Lister
THRUST Strategic Communications
chelcie@thrustsc.com

 

FAQ

What is the equity inducement award granted to Dr. Artis on January 15, 2023?

Dr. Artis received an option to purchase 210,000 shares of Annexon common stock at $6.84 per share with a ten-year term and a four-year vesting schedule.

How does Annexon plan to develop its clinical pipeline in 2023?

Annexon is advancing a new class of complement medicines, targeting autoimmune, neurodegenerative, and ophthalmic disorders, with multiple mid- to late-stage clinical trials and readouts expected throughout 2023.

What is the significance of the exercise price of $6.84 for the equity award?

The exercise price of $6.84 corresponds to the closing stock price on January 13, 2023, potentially aligning the value of the award with investor interests.