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

Rhea-AI Summary

Chimerix (NASDAQ:CMRX) announced that on October 16, 2024, its Compensation Committee granted an inducement award to a new employee. The award consists of non-statutory stock options to purchase up to 130,000 shares of Chimerix's common stock. This grant was approved as an inducement material to the new employee's employment, in accordance with Nasdaq Listing rule 5635(c)(4).

The stock options have an exercise price equal to Chimerix's closing trading price on the grant date, a 10-year term, and will vest over four years. One-fourth will vest on the one-year anniversary of the hire date, with the remaining three-fourths vesting in equal monthly installments over the following three years. While subject to the terms of Chimerix's 2024 Equity Incentive Plan, these options were granted outside of it.

Chimerix is a biopharmaceutical company focused on developing medicines for deadly diseases. Their most advanced clinical-stage program, ONC201, is being developed for H3 K27M-mutant glioma. The company is also conducting Phase 1 dose escalation studies of ONC206 to evaluate safety and PK data.

Positive

• Granted inducement award to attract new talent
• Advanced clinical-stage development program ONC201 for H3 K27M-mutant glioma
• Conducting Phase 1 dose escalation studies of ONC206

Negative

• None.

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DURHAM, N.C., Oct. 18, 2024 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ:CMRX), today announced that on October 16, 2024, the Compensation Committee of Chimerix’s Board of Directors granted an inducement award to a new employee of non-statutory stock options to purchase up to a total of 130,000 shares of Chimerix’s common stock. The Compensation Committee of Chimerix’s Board of Directors approved the award as an inducement material to the new employee’s employment in accordance with Nasdaq Listing rule 5635(c)(4).

The stock options have an exercise price per share equal to Chimerix’s closing trading price as of the grant date. The stock options have a 10-year term and will vest over four years, with one-fourth vesting on the one-year anniversary of the date of hire and the remaining three-fourths vesting over the following three years in equal monthly installments. The stock options are subject to the terms of Chimerix’s 2024 Equity Incentive Plan but were granted outside of the 2024 Equity Incentive Plan.

Chimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company’s most advanced clinical-stage development program, ONC201, is in development for H3 K27M-mutant glioma. The Company is conducting Phase 1 dose escalation studies of ONC206 to evaluate safety and PK data.

CONTACTS:

Will O’Connor
Stern Investor Relations
212-362-1200
ir@chimerix.com
will@sternir.com

FAQ

What inducement award did Chimerix (CMRX) grant on October 16, 2024?

Chimerix granted non-statutory stock options to purchase up to 130,000 shares of the company's common stock to a new employee as an inducement award.

How will the stock options granted by Chimerix (CMRX) vest?

The stock options will vest over four years, with one-fourth vesting on the one-year anniversary of the hire date and the remaining three-fourths vesting in equal monthly installments over the following three years.

What is Chimerix's (CMRX) most advanced clinical-stage development program?

Chimerix's most advanced clinical-stage development program is ONC201, which is in development for H3 K27M-mutant glioma.

What Phase 1 studies is Chimerix (CMRX) currently conducting?

Chimerix is conducting Phase 1 dose escalation studies of ONC206 to evaluate safety and pharmacokinetic (PK) data.