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

Rhea-AI Summary

Annexon, Inc. (Nasdaq: ANNX) announced on February 16, 2023, the granting of equity inducement awards to four new non-executive employees. This initiative aligns with the 2022 Employment Inducement Award Plan and complies with Nasdaq Listing Rule 5635(c)(4). A total of 182,000 stock options were issued, each priced at $5.90, the closing price on the grant date. These options have a ten-year term and vest over four years, with 25% vesting on the first anniversary of employment. Annexon focuses on developing innovative complement medicines for autoimmune, neurodegenerative, and ophthalmic disorders, with multiple clinical trials expected in 2023.

Positive

• Granting of 182,000 stock options to attract new talent.
• Options priced competitively at $5.90, aligning with market value.
• Long-term employment incentives with a ten-year term and gradual vesting.

Negative

• None.

BRISBANE, Calif., Feb. 16, 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 equity inducement awards to four new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on February 15, 2023, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 182,000 shares of Annexon common stock. The options carry a ten-year term and an exercise price per share equal to $5.90, which was the closing price of Annexon’s common stock on February 15, 2023, 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 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 data readouts anticipated throughout 2023 and beyond.

Investor Contact:

Chelcie Lister
THRUST Strategic Communications
chelcie@thrustsc.com

 

FAQ

What stock options were granted by Annexon on February 16, 2023?

Annexon granted 182,000 stock options to four new non-executive employees.

What is the exercise price of Annexon's stock options?

The exercise price is $5.90, equal to the closing price of the stock on the grant date.

How long is the term for the stock options granted by Annexon?

The stock options have a ten-year term.

When do the stock options vest for Annexon's new employees?

The options vest over four years, with 25% vesting on the first anniversary of employment.

What type of company is Annexon?

Annexon is a clinical-stage biopharmaceutical company focused on complement medicines for autoimmune and neurodegenerative diseases.