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Epizyme Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Summary
Epizyme (NASDAQ: EPZM) announced the approval of equity awards for a new employee, effective October 1, 2021, as per Nasdaq Listing Rule 5635(c)(4). The employee received options to purchase 125,866 shares of common stock at an exercise price of $5.19, equal to the stock's closing price on the grant date. Additionally, 25,289 restricted stock units (RSUs) were awarded. The vesting schedule includes a 50% vesting on the first anniversary and the remaining on the second anniversary, contingent upon continued employment.
Positive
Equity inducement awards could enhance employee retention and motivation.
Options granted at market price may align employee interests with shareholder value.
Negative
Equity awards may lead to dilution of existing shares if options are exercised.
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
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 a new employee with a grant date of October 1, 2021, as equity inducement awards outside of the Company’s 2013 Stock Incentive Plan and material to the employee’s acceptance of employment with the Company. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
The employee received options to purchase an aggregate of 125,866 shares of Epizyme common stock and 25,289 restricted stock units (RSUs). The options have an exercise price of $5.19 per share, which is equal to the closing price of Epizyme common stock on October 1, 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 employee will be fully vested on the second anniversary of the grant date, subject to the employee’s 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.
