Inozyme Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) to Newly Appointed Chief Operations Officer

Rhea-AI Summary

Inozyme Pharma (Nasdaq: INZY) announced the grant of an inducement award to its newly appointed Chief Operations Officer, Matthew Winton, Ph.D., effective April 3, 2023. The award includes a nonstatutory option to purchase up to 250,000 shares at an exercise price of $5.39 per share, corresponding to the company's closing share price on the grant date. The option has a 10-year term and vests over four years. Inozyme Pharma specializes in developing therapeutics for rare diseases, including therapies like INZ-701 for pathologic mineralization, currently in Phase 1/2 clinical trials.

Positive

• Inducement grant of 250,000 shares to new COO Matthew Winton, enhancing management incentives.
• Stock option at a favorable exercise price of $5.39 aligns interests with shareholders.
• Continued development of INZ-701 for rare diseases, indicating ongoing progress in clinical trials.

Negative

• None.

BOSTON, April 04, 2023 (GLOBE NEWSWIRE) -- Inozyme Pharma, Inc. (Nasdaq: INZY), a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of pathologic mineralization and intimal proliferation, today announced the grant of an inducement award outside of the Company’s 2020 Stock Incentive Plan to its newly appointed Chief Operations Officer, Matthew Winton, Ph.D. The inducement award was approved by the Board of Directors effective as of April 3, 2023, pursuant to the Company’s 2023 Inducement Stock Incentive Plan, as an inducement material to Dr. Winton entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grant is a nonstatutory option to purchase up to 250,000 shares of the Company’s common stock, at an exercise price of $5.39 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on April 3, 2023. The option has a 10-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of Dr. Winton’s start date and 2.0833% of the shares underlying the option vesting monthly thereafter, subject to his continued service to the Company through the applicable vesting dates.

About Inozyme Pharma

Inozyme Pharma, Inc. (Nasdaq: INZY) is a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases impacting the vasculature, soft tissue, and skeleton. We are developing INZ-701, an enzyme therapy, to address pathologic mineralization and intimal proliferation which can drive morbidity and mortality in these severe diseases. INZ-701 is currently in Phase 1/2 clinical trials for the treatment of ENPP1 Deficiency and ABCC6 Deficiency.

For more information, please visit www.inozyme.com and follow us on LinkedIn, Twitter, and Facebook.

Contacts

Investors:
Inozyme Pharma
Stefan Riley, Director of IR and Corporate Communications
(857) 330-8871
stefan.riley@inozyme.com

Media:
SmithSolve
Matt Pera
(973) 886-9150
matt.pera@smithsolve.com

FAQ

What is the inducement award granted to Inozyme Pharma's COO Matthew Winton?

Matthew Winton received a nonstatutory option to purchase 250,000 shares at an exercise price of $5.39.

When was the inducement award for Matthew Winton effective?

The inducement award was effective as of April 3, 2023.

What is Inozyme Pharma developing with INZ-701?

INZ-701 is an enzyme therapy targeting pathologic mineralization in rare diseases.

What are the vesting terms for the inducement stock option?

The option vests over four years, with 25% vesting on the first anniversary and monthly thereafter.

What is the significance of the Nasdaq Listing Rule 5635(c)(4)?

This rule allows Inozyme to grant inducement awards to attract new employees without shareholder approval.