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GlycoMimetics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
GlycoMimetics, Inc. (NASDAQ:GLYC) announced the grant of a non-qualified stock option award on November 22, 2021, for 100,000 shares to Dr. Lisa DeLuca, the new Vice President of Regulatory Affairs. This award is intended to induce her acceptance of employment and is outside the company's 2013 Equity Incentive Plan. The options have an exercise price of $1.84 per share, based on the closing price on the grant date, and will vest over four years. GlycoMimetics focuses on developing glycomimetic drugs, with its flagship candidate, uproleselan, currently in clinical trials for AML.
Positive
Granting of 100,000 stock options to a new key hire, indicating growth and strategic expansion in regulatory affairs.
Uproleselan, a flagship drug candidate, in Phase 3 trials for relapsed/refractory AML, showing potential for market impact.
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 November 22, 2021 of a non-qualified stock option award to purchase an aggregate of 100,000 shares to one new employee. 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, granted to Lisa DeLuca, Ph.D., the Company’s new Vice President, Regulatory Affairs, was comprised of an option to Dr. DeLuca to purchase shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) in the amount of 100,000 shares, subject to vesting as to 25% of the underlying shares on November 22, 2022 and as to the remaining underlying shares in equal monthly installments over 36 months thereafter, subject to Dr. DeLuca’s continued service through each such vesting date. The option grant has an exercise price of $1.84 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, which was adopted January 22, 2020 and amended on August 2, 2021, and 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.
What is the significance of the stock option grant to Dr. Lisa DeLuca at GlycoMimetics?
The stock option grant to Dr. Lisa DeLuca is a strategic move to attract a key executive in regulatory affairs, potentially enhancing the company's operational capabilities.
How many shares were granted to Dr. DeLuca and what is the exercise price?
Dr. DeLuca was granted 100,000 shares with an exercise price of $1.84 per share.
What company is GlycoMimetics focused on in terms of drug development?
GlycoMimetics is focused on developing glycomimetic drugs, particularly uproleselan, for diseases like Acute Myeloid Leukemia (AML).
When will Dr. DeLuca's stock options start to vest?
Dr. DeLuca's stock options will vest 25% on November 22, 2022, with the remainder vesting in equal monthly installments over the following 36 months.
