Annexon Reports Inducement Grants to New Employees Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Annexon, Inc. (Nasdaq: ANNX) announced the granting of equity inducement awards to three new non-executive employees under its 2022 Employment Inducement Award Plan. Approved on August 16, 2022, the awards total 172,000 shares of common stock in options with a ten-year term and an exercise price of $5.83. Vesting will occur over four years, starting 25% on the first anniversary of employment. Annexon is dedicated to developing innovative complement medicines for autoimmune, neurodegenerative, and ophthalmic disorders.

Positive

• Granting of equity inducement awards can attract and retain talent.
• The options have a favorable exercise price of $5.83, aligned with the stock's closing price at the grant date.

Negative

• None.

BRISBANE, Calif., Aug. 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 equity inducement awards to three new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on August 16, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 172,000 shares of Annexon common stock. The options carry a ten-year term and an exercise price equal to $5.83, which was the closing price of Annexon’s common stock on August 16, 2022, the date of grant, and vest over four years, with 25% of the shares underlying the options vesting on the first anniversary of each 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 that aims 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 data anticipated throughout 2022 and 2023.

Investor Contact:

Chelcie Lister
THRUST Strategic Communications
chelcie@thrustsc.com

 

FAQ

What equity awards did Annexon grant on August 16, 2022?

Annexon granted options to purchase 172,000 shares of common stock to three new non-executive employees.

What is the exercise price for the options granted by Annexon?

The options have an exercise price of $5.83.

How long is the term for the equity inducement options granted by Annexon?

The options carry a ten-year term.

What is the vesting schedule for Annexon's equity inducement options?

25% of the shares vest on the first anniversary of employment, with the remainder vesting monthly over the following three years.