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

Rhea-AI Summary

Annexon, Inc. grants inducement awards to two new non-executive employees under Nasdaq Listing Rule 5635(c)(4), offering options to purchase 27,480 shares of common stock at $5.74 per share, vesting over 4 years.

BRISBANE, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- Annexon, Inc. (Nasdaq: ANNX), a clinical-stage biopharmaceutical company developing a new class of complement-based medicines for people living with devastating inflammatory-related diseases, today announced that it has granted inducement to two new non-executive employees under the terms of the 2022 Employment Inducement Award Plan. The equity awards were approved on April 12, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4).

In the aggregate, the new non-executive employees received options to purchase 27,480 shares of Annexon common stock. The options carries a ten-year term and an exercise price per share equal to $5.74, which was the closing price of Annexon’s common stock on April 15, 2024, the date of grant, and vest over 4 years, with 25% of the shares underlying the options vesting on the first anniversary of the grant date and an additional 1/48th of the shares vesting monthly thereafter, subject to continued service through the applicable vesting dates.

About Annexon

Annexon Biosciences (Nasdaq: ANNX) is a biopharmaceutical company advancing a late-stage clinical platform of novel therapies for people living with devastating classical complement-mediated neuroinflammatory diseases of the body, brain, and eye. Annexon’s novel scientific approach targets upstream C1q to block the classical complement inflammatory cascade before it starts, and its therapeutic candidates are designed to provide meaningful benefits across multiple autoimmune, neurodegenerative and ophthalmic diseases. With proof-of concept data in Guillain-Barré syndrome, Huntington’s disease and geographic atrophy, Annexon is rigorously advancing its mid-to late-stage clinical trials to bring new potential treatments to patients as quickly as possible. To learn more visit annexonbio.com.

Investor Contact:

Joyce Allaire
LifeSci Advisors
jallaire@lifesciadvisors.com

FAQ

What is the purpose of Annexon's announcement regarding inducement grants?

Annexon announced the granting of inducement awards to two new non-executive employees under the 2022 Employment Inducement Award Plan.

How many shares of Annexon common stock were offered to the new employees?

The new employees received options to purchase 27,480 shares of Annexon common stock.

What is the exercise price per share for the options granted?

The exercise price per share for the options granted was $5.74, based on the closing price of Annexon's common stock on April 15, 2024.

How long is the term of the options granted to the new employees?

The options granted to the new employees carry a ten-year term.

How do the shares underlying the options vest for the new employees?

The shares underlying the options vest over 4 years, with 25% of the shares vesting on the first anniversary of the grant date and an additional 1/48th of the shares vesting monthly thereafter, subject to continued service.