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

Rhea-AI Summary

Annexon, Inc. (Nasdaq: ANNX) announced the grant of an equity inducement award to a new non-executive employee on November 16, 2022, under its 2022 Employment Inducement Award Plan. The award consists of an option to purchase 5,000 shares at an exercise price of $5.77 per share. The option vests over four years, with 25% vesting after the first year and monthly thereafter. Annexon focuses on developing complement medicines for autoimmune, neurodegenerative, and ophthalmic disorders, with clinical readouts expected throughout 2023 and beyond.

Positive

• Granting of equity inducement reflects commitment to attracting talent.
• Equity award aligns employee's interests with shareholder value.
• Pipeline development may lead to significant future clinical readouts.

Negative

• None.

BRISBANE, Calif., Nov. 17, 2022 (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 a new non-executive employee under the terms of the 2022 Employment Inducement Award Plan. The equity award was approved on November 16, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

The new non-executive employee received an option to purchase 5,000 shares of Annexon common stock. The option carries a ten-year term and an exercise price per share equal to $5.77, which was the closing price of Annexon’s common stock on November 16, 2022, the date of grant, 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 purpose of the equity inducement award granted by Annexon (ANNX)?

The equity inducement award aims to attract and retain talent within the company.

How many shares were included in the equity inducement award by Annexon (ANNX)?

The equity inducement award included an option to purchase 5,000 shares of Annexon common stock.

What is the exercise price for the shares in Annexon's equity award?

The exercise price for the shares is set at $5.77 per share.

When will the shares from Annexon's equity award vest?

The shares will vest over four years, with 25% vesting after the first anniversary and the remainder vesting monthly thereafter.

What is Annexon (ANNX) focused on in its drug development?

Annexon is focused on developing complement medicines for autoimmune, neurodegenerative, and ophthalmic disorders.