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GlycoMimetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
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GlycoMimetics, Inc. (NASDAQ:GLYC) granted a non-qualified stock option award of 110,000 shares to Gaetano Bonifacio, M.D., the new Vice President, Global Medical Affairs. The option has an exercise price of $1.65 per share and will vest over a period of 36 months.
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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 August 14 , 2023 of a non-qualified stock option award to purchase an aggregate of 110,000 shares to Gaetano Bonifacio, M.D., the Company’s new Vice President, Global Medical Affairs. The award was granted as an inducement equity award outside of the Company’s Amended and Restated 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 110,000 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 August 14, 2024, and as to the remaining underlying shares in equal monthly installments over 36 months thereafter. The option grant has an exercise price of $1.65 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. Amended and Restated Inducement Plan, which provides for the granting of stock options and other equity awards to new employees.
About GlycoMimetics, Inc.
GlycoMimetics is a late clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including AML, and for inflammatory diseases. The company’s science is based on an understanding of the role that carbohydrates play in cell recognition. Its specialized chemistry platform is being deployed to discover small molecule drugs--known as glycomimetics--that alter carbohydrate-mediated recognition in diverse disease states, including cancers and inflammation. As a leader in this science, GlycoMimetics leverages this unique approach to advance its pipeline of wholly-owned drug candidates, with the goal of developing transformative therapies for diseases with high unmet medical need. GlycoMimetics is headquartered in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.
Who received the non-qualified stock option award from GlycoMimetics, Inc.?
Gaetano Bonifacio, M.D., the new Vice President, Global Medical Affairs, received the non-qualified stock option award.
What is the exercise price of the stock option?
The exercise price of the stock option is $1.65 per share.
How will the stock option vest?
The stock option will vest as to 25% of the underlying shares on August 14, 2024, and as to the remaining shares in equal monthly installments over 36 months thereafter.
