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

Rhea-AI Summary

Annexon, Inc. (Nasdaq: ANNX), a clinical-stage biopharmaceutical company, announced the granting of equity inducement awards to three new non-executive employees under its 2022 Employment Inducement Award Plan. This decision, made on September 15, 2022, complies with Nasdaq Listing Rule 5635(c)(4). The new employees received options to purchase a total of 125,000 shares of common stock, at an exercise price of $6.34 per share. The options have a ten-year term and will vest over four years, with the first 25% vesting on the first anniversary of their employment.

Positive

• Equity inducement awards granted to attract new talent.
• Options to purchase 125,000 shares could align employee interests with company performance.

Negative

• None.

BRISBANE, Calif., Sept. 16, 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 September 15, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 125,000 shares of Annexon common stock. The options carry a ten-year term and an exercise price per share equal to $6.34, which was the closing price of Annexon’s common stock on September 15, 2022, the date of grant. The options 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 did Annexon announce on September 16, 2022?

Annexon announced the granting of equity inducement awards to three new non-executive employees.

How many shares were awarded to the new employees of Annexon?

The new employees received options to purchase 125,000 shares of Annexon common stock.

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

The exercise price per share is $6.34, equal to the closing price on the date of grant.

What is the vesting schedule for the equity awards at Annexon?

The options vest over four years, with 25% vesting on the first anniversary and an additional 1/48th monthly thereafter.