GlycoMimetics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

GlycoMimetics, Inc. (NASDAQ:GLYC) announced the grant of a stock option award on March 1, 2022, for 100,000 shares to Deepak Tiwari, its new Vice President of Technical Operations. This award, approved by the compensation committee, is a non-qualified stock option granted outside the 2013 Equity Incentive Plan, complying with NASDAQ Listing Rule 5635(c)(4). The options vest 25% on March 1, 2023, with the remainder vesting monthly over three years. The exercise price is set at $1.27 per share, equal to the closing stock price on the grant date.

Positive

• Strategic hiring of Deepak Tiwari as Vice President of Technical Operations to enhance operational capabilities.
• Stock options granted as an inducement, which may attract and retain talent critical for growth.

Negative

• None.

ROCKVILLE, Md.--(BUSINESS WIRE)-- GlycoMimetics, Inc. (the “Company”) (NASDAQ:GLYC) today announced that the compensation committee of the Company’s Board of Directors approved the grant on March 1, 2022 of a non-qualified stock option award to purchase an aggregate of 100,000 shares to Deepak Tiwari, the Company’s new Vice President, Technical Operations. The award was granted as an inducement equity award outside of the Company’s 2013 Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4), and was made as an inducement material to the acceptance of employment with the Company by the new employee.

The award was comprised of an option to purchase 100,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), subject to vesting as to 25% of the underlying shares on March 1, 2023, and as to the remaining underlying shares in equal monthly installments over 36 months thereafter. The option grant has an exercise price of $1.27 per share, the closing price of the Common Stock on the date of grant, and is subject to the terms and conditions of a stock option agreement and the GlycoMimetics, Inc. Inducement Plan (adopted January 22, 2020 and amended on August 2, 2021 and January 21, 2022), which provides for the granting of stock options and other equity awards to new employees.

About GlycoMimetics, Inc.

GlycoMimetics is a clinical-stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. GlycoMimetics’ wholly-owned drug candidate, uproleselan, an E-selectin antagonist, was evaluated in a Phase 1/2 clinical trial as a potential treatment for AML and is being evaluated across a range of patient populations including a Company-sponsored Phase 3 trial in relapsed/refractory AML. GlycoMimetics has also completed a Phase 1 clinical trial with another wholly-owned drug candidate, GMI-1359, a combined CXCR4 and E-selectin antagonist. GlycoMimetics is located in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005869/en/

Investor Contact:

Shari Annes

Phone: 650-888-0902

Email: sannes@annesassociates.com

Source: GlycoMimetics, Inc.

FAQ

What is the recent stock option grant for GlycoMimetics (GLYC)?

GlycoMimetics approved a stock option grant for 100,000 shares to Deepak Tiwari on March 1, 2022, at an exercise price of $1.27 per share.

Why was the stock option awarded to Deepak Tiwari at GlycoMimetics (GLYC)?

The stock option was granted as an inducement for Deepak Tiwari to accept the position of Vice President, Technical Operations.

What are the vesting terms for the stock options granted by GlycoMimetics (GLYC)?

The options vest 25% on March 1, 2023, and the remaining shares vest in equal monthly installments over the following 36 months.