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. The awards, approved on October 17, 2022, involve options to purchase 87,400 shares of common stock, with an exercise price of $5.63 per share, reflecting the closing stock price on the grant date. The options have a ten-year term and vest over four years. Annexon focuses on developing complement medicines for autoimmune, neurodegenerative, and ophthalmic disorders.

Positive

• Equity awards may enhance employee retention and motivation.
• Options to purchase 87,400 shares could align employee interests with company performance.
• The exercise price of $5.63 is in line with the stock's recent closing price.

Negative

• None.

BRISBANE, Calif., Oct. 18, 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 October 17, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 87,400 shares of Annexon common stock. The options carry a ten-year term and an exercise price per share equal to $5.63, which was the closing price of Annexon’s common stock on October 17, 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 is the significance of Annexon's equity inducement awards announced on October 18, 2022?

The equity inducement awards are aimed at motivating new non-executive employees, potentially enhancing retention and aligning their interests with the company's performance.

How many shares were awarded to employees by Annexon on October 17, 2022?

Annexon granted options to purchase a total of 87,400 shares of common stock to three new non-executive employees.

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

The exercise price for the options is $5.63 per share, which corresponds to the company's closing stock price on the grant date, October 17, 2022.

What is the vesting schedule for the equity awards granted by Annexon?

The options vest over four years, with 25% vesting on the first anniversary of each employee's start date and the remaining shares vesting monthly thereafter.