Epizyme Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Epizyme (Nasdaq: EPZM) has granted equity inducement awards to two new employees, totaling 80,000 options and 53,333 restricted stock units (RSUs). The options have an exercise price of $5.31, matching the closing price on the grant date, August 16, 2021. Vesting will occur in two tranches over two years, contingent on ongoing employment. Epizyme is focused on developing epigenetic therapies for cancer, with FDA-approved TAZVERIK® for specific cancers, and continues exploring its potential across other malignancies.

Positive

• Equity awards granted to incentivize new employees, potentially enhancing talent retention.
• FDA-approved TAZVERIK® provides a revenue-generating product in oncology.

Negative

• None.

Epizyme (Nasdaq: EPZM), a fully integrated, commercial-stage biopharmaceutical company developing and delivering novel epigenetic therapies, today announced that the Company approved the grant of equity awards to two new employees with a grant date of August 16, 2021, as equity inducement awards outside of the company's 2013 Stock Incentive Plan and material to the employees’ acceptance of employment with the Company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 80,000 shares of Epizyme common stock and 53,333 restricted stock units (RSUs). The options have an exercise price of $5.31 per share, which is equal to the closing price of Epizyme common stock on August 16, 2021, the grant date of the options. One-half of the shares underlying the options and the RSUs will vest on the first anniversary of the grant date and the remaining one-half of the shares underlying the options and the RSUs will vest on the second anniversary of the grant date, such that the shares underlying these equity awards granted to the employees will be fully vested on the second anniversary of the grant date, subject to the employees’ continued employment with Epizyme on such vesting dates.

About Epizyme, Inc.
Epizyme, Inc. is a fully integrated, commercial-stage biopharmaceutical company committed to its mission of rewriting treatment for cancer and other serious diseases through novel epigenetic medicines. In addition to an active research and discovery pipeline, Epizyme has one U.S. FDA approved product, TAZVERIK^® (tazemetostat), for the treatment of adults and pediatric patients aged 16 years and older with metastatic or locally advanced epithelioid sarcoma (ES) who are not eligible for complete resection; adult patients with relapsed or refractory follicular lymphoma (FL) whose tumors are positive for an EZH2 mutation as detected by an FDA-approved test and who have received at least two prior systemic therapies; and adult patients with relapsed or refractory follicular lymphoma who have no satisfactory alternative treatment options. These indications are approved under accelerated approval based on overall response rate and duration of response. Continued approval for these indications may be contingent upon verification and description of clinical benefit in confirmatory trial(s). The Company is also exploring the treatment potential of tazemetostat in investigational clinical trials in other solid tumors and hematological malignancies, as a monotherapy and combination therapy in both relapsed and front-line disease settings. By focusing on the genetic drivers of disease, Epizyme seeks to match medicines with the patients who need them. For more information, visit www.epizyme.com.

TAZVERIK^® is a registered trademark of Epizyme, Inc.

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FAQ

What equity awards were granted to employees by Epizyme on August 16, 2021?

Epizyme granted equity inducement awards totaling 80,000 options and 53,333 restricted stock units (RSUs) to two new employees.

What is the exercise price of the options granted by Epizyme?

The options granted by Epizyme have an exercise price of $5.31 per share.

When will the equity awards granted by Epizyme fully vest?

The equity awards will fully vest two years after the grant date, with half vesting on the first anniversary.

What is TAZVERIK® and its significance for Epizyme?

TAZVERIK® is an FDA-approved product for certain cancers, providing Epizyme with a commercial product in its portfolio.