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

Rhea-AI Summary

GlycoMimetics, Inc. (NASDAQ:GLYC) announced the grant of a non-qualified stock option for 200,000 shares to Dr. Edwin P. Rock, the new Senior VP and Chief Medical Officer, on September 2, 2022. This award, which has an exercise price of $0.74 per share, is part of an inducement equity package outside their equity incentive plan. Vesting occurs with 25% on September 2, 2023, followed by equal monthly installments over 36 months. GlycoMimetics focuses on developing glycobiology-based therapies for cancers and inflammatory diseases.

Positive

• Grant of 200,000 stock options to attract a new Chief Medical Officer.
• The exercise price of $0.74 is aligned with the recent stock closing price.
• The induction of new leadership is a potential positive for strategic direction.

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 September 2, 2022 of a non-qualified stock option award to purchase an aggregate of 200,000 shares of common stock to Edwin P. Rock, M.D., the Company’s new Senior Vice President and Chief Medical Officer. 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 Dr. Rock.

The award was comprised of an option to purchase 200,000 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 September 2, 2023, and as to the remaining underlying shares in equal monthly installments over 36 months thereafter. The option grant has an exercise price of $0.74 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 late-clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including acute myeloid leukemia (AML), and for inflammatory diseases with high unmet need. The Company’s science is based on an understanding of the role that carbohydrates play on the surface of every living cell and applying its specialized chemistry platform to discover small molecule drugs, known as glycomimetics, which alter these carbohydrate-mediated pathways in a variety of disease states, including signaling in cancer and inflammation. As a leader in this space, GlycoMimetics is leveraging this unique targeted approach to advance its pipeline of wholly owned drug candidates, with the goal of developing transformative therapies for serious diseases. GlycoMimetics is 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/20220909005218/en/

Investor Contact:

Argot Partners

Leo Vartorella / Carrie McKim

212-600-1902

Glycomimetics@argotpartners.com

Source: GlycoMimetics, Inc.

FAQ

What stock option was granted to Edwin P. Rock at GlycoMimetics?

On September 2, 2022, GlycoMimetics granted Edwin P. Rock a non-qualified stock option for 200,000 shares at an exercise price of $0.74.

When do the stock options for Dr. Rock vest?

The stock options vest 25% on September 2, 2023, with the remainder vesting in equal monthly installments over 36 months.

What is the significance of the stock option grant for GlycoMimetics?

The stock option grant is intended to attract Dr. Rock to the company, which may have a positive impact on its strategic direction.