Baudax Bio Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Baudax Bio (NASDAQ:BXRX) announced on December 31, 2021, that its Compensation Committee approved stock option grants totaling 109,250 shares and restricted stock units covering 31,900 shares to 14 newly-hired employees. These grants, effective December 29, 2021, are compliant with Nasdaq Rule 5635(c)(4), serving as inducements for employment. The options will have an exercise price of $0.22 per share, vesting over four years. Baudax Bio focuses on acute care products and is known for ANJESO, the first IV COX-2 preferential NSAID for pain management.

Positive

• Inducement grants of stock options and restricted stock units to 14 new employees enhance talent acquisition.
• Stock options priced at $0.22, aligning with the market closing price on the grant date.

Negative

• None.

MALVERN, Pa., Dec. 31, 2021 (GLOBE NEWSWIRE) -- Baudax Bio, Inc. (NASDAQ:BXRX) (the “Company”), a pharmaceutical company focused on commercializing and developing innovative products for acute care settings, today announced that the Compensation Committee of Baudax Bio’s Board of Directors approved inducement grants of stock options to purchase an aggregate of 109,250 shares of Baudax Bio’s common stock and restricted stock units covering 31,900 shares of Baudax Bio’s common stock to 14 newly-hired employees, with a grant date of December 29, 2021. The equity awards were granted pursuant to the Nasdaq Rule 5635(c)(4) inducement grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Baudax Bio.

The options have an exercise price equal to $0.22 per share, the closing price of Baudax Bio’s common stock as reported by Nasdaq on December 29, 2021. The options have a ten-year term and vest over four years, with 25% of the number of shares underlying the stock option vesting on one-year anniversary of the applicable vesting commencement date (based on the quarter in which the applicable employee’s employment commenced) and the remaining shares vesting monthly over 36 months thereafter. The restricted stock units vest annually over four years. The equity awards are subject to each individual’s continued service with Baudax Bio through the applicable vesting dates.

About Baudax Bio

Baudax Bio is a pharmaceutical company focused on commercializing and developing innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements reflect Baudax Bio’s expectations about its future performance and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “may,” “upcoming,” “plan,” “target,” “goal,” “intend” and “expect” and similar expressions, as they relate to Baudax Bio or its management, are intended to identify such forward-looking statements. Forward-looking statements may include, without limitation, statements regarding the expected completion and use of proceeds of the registered direct offering. These forward-looking statements are based on information available to Baudax Bio as of the date of publication on this internet site and are subject to a number of risks, uncertainties, and other factors that could cause Baudax Bio’s performance to differ materially from those expressed in, or implied by, these forward-looking statements, including, but not limited risks associated with market and other conditions. Baudax Bio assumes no obligation to update any such forward-looking statements. These forward-looking statements should be considered together with the risks and uncertainties that may affect our business and future results included in our filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are based on information currently available to us, and we assume no obligation to update any forward-looking statements except as required by applicable law. These forward looking statements should be considered together with the risks and uncertainties that may affect Baudax Bio’s business and future results included in Baudax Bio’s filings with the Securities and Exchange Commission at www.sec.gov.

CONTACT:

Investor Relations Contact:

Argot Partners
Sam Martin / Claudia Styslinger
(212) 600-1902 
baudaxbio@argotpartners.com

Media Contact:

Argot Partners
David Rosen
(212) 600-1902 
david.rosen@argotpartners.com

FAQ

What stock options were granted by Baudax Bio on December 31, 2021?

Baudax Bio announced stock options to purchase 109,250 shares and restricted stock units for 31,900 shares for 14 new employees.

What is the exercise price for the stock options granted by Baudax Bio?

The exercise price for the stock options is set at $0.22 per share.

How long is the vesting period for the stock options granted by Baudax Bio?

The stock options vest over four years, with 25% vesting on the one-year anniversary and the remainder vesting monthly.

What is Baudax Bio's focus area in the pharmaceutical sector?

Baudax Bio specializes in commercializing and developing innovative products for acute care settings.

What is ANJESO, developed by Baudax Bio?

ANJESO is the first and only 24-hour intravenous COX-2 preferential NSAID for the management of moderate to severe pain.