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Astria Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Astria Therapeutics, Inc. (NASDAQ: ATXS) has granted 130,000 stock options to two newly-hired employees as part of its 2022 Inducement Stock Incentive Plan. The awards, effective August 1, 2022, include a significant 100,000 options awarded to Dr. Chris Morabito, the new Chief Medical Officer, who joined the company on July 14, 2022. Each option has an exercise price of $3.87 per share and will vest over four years, contingent upon continued employment. These grants align with Nasdaq Listing Rule 5635(c)(4) regarding inducement awards.
Positive
Grant of 130,000 stock options may enhance employee retention and motivation.
Appointment of Dr. Chris Morabito as Chief Medical Officer could strengthen leadership.
Negative
None.
BOSTON--(BUSINESS WIRE)--
Astria Therapeutics, Inc. (Nasdaq:ATXS), a biopharmaceutical company developing STAR-0215 for the treatment of hereditary angioedema (HAE) and focused on life-changing therapies for rare and niche allergic and immunological diseases, granted equity awards on August 1, 2022 under Astria’s 2022 Inducement Stock Incentive Plan. The 2022 Inducement Stock Incentive Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee of Astria.
The inducement awards consist of options to purchase an aggregate of 130,000 shares of Astria’s common stock to two newly-hired employees. These stock options were granted as an inducement material to the new employees entering into employment with Astria in accordance with Nasdaq Listing Rule 5635(c)(4). One of the two inducement awards was an option to purchase 100,000 shares of Astria’s common stock granted to Dr. Chris Morabito, who joined Astria as the Company’s Chief Medical Officer, effective July 14, 2022. Each of the options has an exercise price of $3.87, which is equal to the closing price of Astria’s common stock on August 1, 2022 (the “Grant Date”). Each option will vest over a four-year period, with 25% of shares vesting on the first anniversary of the employment start date of each employee (which, in each case, preceded the Grant Date) and the remaining shares vesting monthly on a ratable basis over the following 36 months, subject to the employee’s continued employment with Astria on such vesting dates. The options are subject to the terms and conditions of the 2022 Inducement Stock Incentive Plan and the terms and conditions of an award agreement covering the grant.
About Astria Therapeutics:
Astria Therapeutics is a biopharmaceutical company, and our mission is to bring life-changing therapies to patients and families affected by rare and niche allergic and immunological diseases. Our lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in preclinical development for the treatment of hereditary angioedema. Learn more about our company on our website, www.astriatx.com, or follow us on Twitter and Instagram @AstriaTx and on Facebook and LinkedIn.
