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

Rhea-AI Summary

Histogen Inc. (NASDAQ: HSTO) announced a significant stock option grant to Alfred J. Spada, the new Executive Vice President and Chief Scientific Officer. The Board of Directors approved a nonqualified stock option allowing Dr. Spada to purchase 106,793 shares of common stock at an exercise price of $1.04, based on the closing price on February 23, 2023. This grant, which is an inducement for his employment, will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly. Histogen is a clinical-stage therapeutics company focused on developing treatments for infectious and inflammatory diseases, alongside a pipeline of restorative therapeutics.

Positive

• Appointment of Alfred J. Spada as a key executive is expected to strengthen leadership.
• The stock option grant may incentivize performance and alignment with shareholder interests.

Negative

• None.

SAN DIEGO, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Histogen Inc. (NASDAQ: HSTO), a clinical-stage therapeutics company focused on developing its pan-caspase and caspase selective inhibitors as treatments for infectious and inflammatory diseases and has a pipeline of restorative therapeutics for orthopedic indications, today announced the Board of Directors, upon the recommendation of the Company’s Compensation Committee granted Alfred J. Spada, the company’s recently appointed Executive Vice President and Chief Scientific Officer, a nonqualified stock option to purchase 106,793 shares of Histogen Inc. common stock with an exercise price of $1.04 based on the closing price on February 23, 2023, the grant date of the award. This grant was made as an inducement material to Dr. Spada’s acceptance of employment with Histogen and was approved by the Compensation Committee of Histogen’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4).

The non-qualified stock option will vest over a four-year period, with 25% of the options vesting on the first anniversary of the employees’ date of hire, and 1/48^th of the options vesting monthly thereafter, subject to the employees’ continued employment with Histogen on such vesting dates and has a term of ten years.

About Histogen

Histogen Inc. is a clinical-stage therapeutics company focused on developing potential first-in-class clinical and preclinical small molecule pan-caspase and caspase selective inhibitors focused on treatments for infectious and inflammatory diseases and has a pipeline of restorative therapeutics that ignite the body’s natural process to repair and maintain healthy biological function. Under our small molecule pipeline, our product candidates include emricasan, CTS-2090 and CTS-2096. Currently, we are evaluating the use of emricasan for bacterial skin infections including those related to MRSA, as well as other infectious diseases. We also have preclinical product candidates, CTS-2090 and CTS-2096, novel, potent, orally bioavailable, and highly selective small molecule inhibitors of caspase-1 designed for the treatment of certain inflammatory diseases. Within our biologics technology platform, our Human Multipotent Cell Conditioned Media, or CCM and our Human Extracellular Matrix, or hECM are available for partnering or licensing. For more information, please visit www.histogen.com.

CONTACT:

Susan A. Knudson
Executive Vice President & CFO
Histogen Inc.
ir@histogen.com

FAQ

What is the significance of the stock option grant to Alfred J. Spada at Histogen Inc.?

The stock option grant serves as an inducement for Dr. Spada's employment, potentially aligning his interests with shareholders.

What are the terms of the stock option granted to Alfred J. Spada?

Dr. Spada received a nonqualified stock option to purchase 106,793 shares at $1.04, vesting over four years.

How does Histogen Inc. plan to utilize its pipeline of therapeutics?

Histogen is focused on developing small molecule inhibitors for infectious and inflammatory diseases.

What is the exercise price for the stock option granted to the new Executive VP of Histogen?

The exercise price for the stock option is set at $1.04 per share, based on the closing price on February 23, 2023.