Eiger BioPharmaceuticals Reports Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Eiger BioPharmaceuticals (Nasdaq: EIGR) announced the grant of stock options to purchase 45,000 shares to a new employee, approved by its Compensation Committee. This grant, part of the 2021 Inducement Plan, has a ten-year term with an exercise price of $8.52, equal to the stock's closing price on June 30, 2021. The options vest over four years, with 25 percent vesting after one year, contingent on continued employment. This disclosure is made under Nasdaq Listing Rule 5635(c)(4).

Positive

• Grant of 45,000 stock options indicates company growth and investment in talent.
• Stock options have a ten-year term, providing long-term incentive for employee retention.

Negative

• None.

PALO ALTO, Calif., July 2, 2021 /PRNewswire/ -- Eiger BioPharmaceuticals, Inc. (Nasdaq: EIGR), a commercial-stage biopharmaceutical company focused on the development and commercialization of targeted therapies for serious rare and ultra-rare diseases, today reported the grant of a stock option to purchase 45,000 shares of Eiger's common stock to a newly hired employee.  The grant was approved by the Compensation Committee of Eiger's Board of Directors and granted under the Eiger BioPharmaceuticals, Inc. 2021 Inducement Plan with a grant date of June 30, 2021, as an inducement material to the new employee entering into employment with Eiger, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option vests over four years, with 25 percent vesting on the first anniversary of the vesting commencement date for the employee and the remainder vesting in 36 equal installments over the following three years, subject to the employee being continuously employed by Eiger as of such vesting dates.  The stock options have a ten-year term and an exercise price of $8.52, the closing price of Eiger's common stock as reported by Nasdaq on June 30, 2021.

Eiger is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About Eiger
Eiger is a commercial-stage biopharmaceutical company focused on the development and commercialization of targeted therapies for serious rare and ultra-rare diseases.

Eiger's lead clinical programs are focused on the development of foundational therapies for Hepatitis Delta Virus (HDV) infection, the most serious form of viral hepatitis, with two complementary HDV treatments.  Lonafarnib is a first-in-class, oral prenylation inhibitor in a global Phase 3 trial.  Peginterferon lambda is a first-in-class, type III, well-tolerated interferon entering Phase 3.

Zokinvy^® for the treatment of Hutchinson-Gilford Progeria Syndrome (HGPS or Progeria) and processing-deficient progeroid laminopathies is the Company's first FDA approved product.  A Marketing Authorization Application (MAA) is under review by the European Medicines Agency (EMA).

For additional information about Eiger and its clinical programs, please visit www.eigerbio.com.

Investors and Media:
Charles Butler
VP, Investor Relations and Corporate Communications
Email: cbutler@eigerbio.com 
Phone: 1-650-272-6138

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SOURCE Eiger BioPharmaceuticals, Inc.

FAQ

What stock option grant did Eiger BioPharmaceuticals announce?

Eiger BioPharmaceuticals announced the grant of stock options to purchase 45,000 shares to a new employee.

What is the exercise price of Eiger's stock options?

The exercise price of Eiger's stock options is $8.52.

When do the stock options for Eiger vest?

The stock options vest over four years, with 25% vesting on the first anniversary.

What is the significance of the stock option grant under Nasdaq Listing Rule 5635?

The grant is disclosed in accordance with Nasdaq Listing Rule 5635(c)(4) to ensure transparency in employee inducement.

What is Eiger BioPharmaceuticals' focus?

Eiger is a biopharmaceutical company focused on targeted therapies for rare and ultra-rare diseases.