Axogen Reports Inducement Grant to New Employee Under NASDAQ Listing Rule 5635(C)(4)

Rhea-AI Summary

Axogen (NASDAQ: AXGN), a leader in surgical solutions for peripheral nerve injuries, has granted an equity inducement award to a new non-executive employee on September 3, 2024. The award, approved by the Compensation Committee of Axogen's Board of Directors, complies with NASDAQ Listing Rule 5635(c)(4) and serves as a material inducement for the employee's acceptance of employment.

The award consists of restricted stock units (RSUs) representing 10,000 shares of Axogen's common stock. The RSUs have a 4-year vesting schedule: 50% vesting after two years, followed by 25% vesting annually for the next two years.

Positive

• Axogen's ability to attract new talent with equity incentives
• Alignment of employee interests with company performance through stock-based compensation

Negative

• None.

ALACHUA, Fla. and TAMPA, Fla., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Axogen, Inc. (NASDAQ: AXGN), a global leader in developing and marketing innovative surgical solutions for peripheral nerve injuries, announced today that it has granted an equity inducement award on September 3, 2024, to a new non-executive employee under the terms of the Axogen Inc.’s Inducement Equity Incentive Plan. The award was approved by the Compensation Committee of Axogen’s Board of Directors in accordance with NASDAQ Listing Rule 5635(c)(4) and was made as a material inducement to the employee’s acceptance of employment with Axogen.

The award consists of restricted stock units (“RSUs”) representing 10,000 shares of the Company’s common stock. The RSUs are subject to vesting over 4 years, with 50% vesting after the second year and 25% of the total shares granted vesting every year thereafter for the next two years.

About Axogen

Axogen (AXGN) is the leading Company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about helping to restore peripheral nerve function and quality of life to patients with physical damage or transection to peripheral nerves by providing innovative, clinically proven, and economically effective repair solutions for surgeons and health care providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve, or the inability to properly reconnect peripheral nerves, can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.

Axogen's platform for peripheral nerve repair features a comprehensive portfolio of products used across various applications and surgical specialties, including traumatic injuries, oral and maxillofacial surgery, breast reconstruction, and the surgical treatment of pain. These applications encompass both scheduled and emergent procedures. Specifically, scheduled procedures are often pursued by patients seeking relief from conditions caused by a nerve defect or previous surgical interventions. Such procedures include providing sensation for women undergoing breast reconstruction following a mastectomy, nerve reconstruction after the surgical removal of painful neuromas, and oral and maxillofacial procedures, as well as nerve decompression. Conversely, emergent procedures typically arise from injuries that initially present in an emergency room, with specialists intervening either immediately or within a few days following the initial injury. This broad range of applications underscores Axogen's vital role in addressing diverse patient needs in peripheral nerve repair.

Axogen's platform for peripheral nerve repair features a comprehensive portfolio of products, including Avance® Nerve Graft, a biologically active off-the-shelf processed human nerve allograft for bridging severed peripheral nerves without the comorbidities associated with a second surgical site; Axoguard Nerve Connector®, a porcine submucosa extracellular matrix (ECM) coaptation aid for tensionless repair of severed peripheral nerves; Axoguard Nerve Protector®, a porcine submucosa ECM product used to wrap and protect damaged peripheral nerves and reinforce the nerve reconstruction while preventing soft tissue attachments; Axoguard HA+ Nerve Protector™, a porcine submucosa ECM base layer coated with a proprietary hyaluronate-alginate gel, a next-generation technology designed to enhance nerve gliding and provide short- and long-term protection for peripheral nerve injuries; Avive+ Soft Tissue Matrix™, a multi-layer amniotic membrane allograft used to protect and separate tissues in the surgical bed during the critical phase of tissue repair; and Axoguard Nerve Cap®, a porcine submucosa ECM product used to protect a peripheral nerve end and separate the nerve from the surrounding environment to reduce the development of symptomatic or painful neuroma. The Axogen portfolio of products is available in the United States, Canada, the United Kingdom, South Korea, and several other European and international markets.

For more information, visit www.axogeninc.com  

Contact:

Axogen, Inc.
Investor Relations
InvestorRelations@axogeninc.com

FAQ

What type of equity award did Axogen (AXGN) grant to its new employee on September 3, 2024?

Axogen granted restricted stock units (RSUs) representing 10,000 shares of the company's common stock to a new non-executive employee as an inducement award.

What is the vesting schedule for the RSUs granted by Axogen (AXGN) on September 3, 2024?

The RSUs have a 4-year vesting schedule: 50% vest after two years, and 25% vest annually for the next two years.

Under which NASDAQ rule did Axogen (AXGN) grant the equity inducement award on September 3, 2024?

The equity inducement award was granted in accordance with NASDAQ Listing Rule 5635(c)(4).

Who approved the equity inducement award granted by Axogen (AXGN) on September 3, 2024?

The award was approved by the Compensation Committee of Axogen's Board of Directors.