Avadel Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Avadel Pharmaceuticals plc (Nasdaq: AVDL) announced the grant of non-statutory options for an aggregate of 46,000 ordinary shares to three new employees, as approved by its Board's Compensation Committee. This initiative, part of Avadel’s 2021 Inducement Plan, aims to incentivize new hires in accordance with Nasdaq Listing Rule 5635(c)(4). The options carry a ten-year term and vest over four years, with 25% vesting annually. Avadel continues to focus on innovative drug solutions, notably its lead candidate, LUMRYZ™, for treating narcolepsy.

Positive

• Approval of stock options for 46,000 shares to incentivize new employees.
• Continues to attract talent through competitive compensation packages.

Negative

• None.

DUBLIN, April 03, 2023 (GLOBE NEWSWIRE) -- Avadel Pharmaceuticals plc (Nasdaq: AVDL), a company focused on transforming medicines to transform lives, today announced that the Compensation Committee of Avadel’s Board of Directors approved the grant of non-statutory options to three (3) new employees to purchase an aggregate of 46,000 ordinary shares under Avadel’s 2021 Inducement Plan. The awards were granted as an inducement material to the employee’s acceptance of employment with Avadel in accordance with Nasdaq Listing Rule 5635(c)(4). The options have a ten-year term and vest over four years, with 25% vesting on the one-year anniversary of the grant date and 25% on each anniversary thereafter. The options are subject to the terms and conditions of Avadel’s 2021 Inducement Plan approved by the Board of Directors in November 2021 and the terms and conditions of award agreements covering the grants.

About Avadel Pharmaceuticals plc
Avadel Pharmaceuticals plc (Nasdaq: AVDL) is a biopharmaceutical company focused on transforming medicines to transform lives. Our approach includes applying innovative solutions to the development of medications that address the challenges patients face with current treatment options. Our current lead drug candidate, LUMRYZ™, is an investigational formulation of sodium oxybate leveraging our proprietary drug delivery technology and designed to be taken once at bedtime for the treatment of cataplexy or excessive daytime sleepiness in adults with narcolepsy. For more information, please visit www.avadel.com.

Investor Contact:
Courtney Turiano
Stern Investor Relations, Inc.
Courtney.Turiano@sternir.com
(212) 698-8687

Media Contact:
Gabriella Greig
Real Chemistry
ggreig@realchemistry.com
(203) 249-2688

FAQ

What options were granted by Avadel Pharmaceuticals on April 3, 2023?

Avadel granted non-statutory options for 46,000 ordinary shares to three new employees.

What is the vesting period for Avadel's stock options?

The options vest over four years, with 25% vesting each year.

How many shares did Avadel Pharmaceuticals approve for new employee options?

A total of 46,000 ordinary shares were approved for new employee options.

What is the significance of the Nasdaq Listing Rule 5635(c)(4) for Avadel?

This rule allows Avadel to grant stock options as an inducement for new employment.

What is Avadel Pharmaceuticals' focus in drug development?

Avadel focuses on innovative solutions, particularly for treating narcolepsy with its lead drug candidate, LUMRYZ™.