Inozyme Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Inozyme Pharma, Inc. (Nasdaq: INZY) granted stock options to a new employee under Nasdaq Listing Rule 5635(c)(4). The options allow the purchase of up to 20,000 shares at $4.61 per share, vesting over four years.

BOSTON, May 03, 2024 (GLOBE NEWSWIRE) -- Inozyme Pharma, Inc. (Nasdaq: INZY) (“Company” or “Inozyme”), a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of pathologic mineralization and intimal proliferation, today announced that it granted stock options to one new employee to purchase shares of the Company’s common stock, pursuant to the Company’s 2023 Inducement Stock Incentive Plan, as an inducement material to the new employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The Company’s compensation committee granted nonstatutory stock options to purchase up to an aggregate of 20,000 shares of the Company’s common stock to the one new employee on May 1, 2024, at an exercise price of $4.61 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on May 1, 2024. The options have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the employee’s start date and 2.0833% of the shares underlying the option vesting monthly thereafter, subject to such employee’s continued service to the Company through the applicable vesting dates.

About Inozyme Pharma

Inozyme Pharma, Inc. is a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of diseases impacting the vasculature, soft tissue, and skeleton. Inozyme is developing INZ-701, an enzyme replacement therapy, to address pathologic mineralization and intimal proliferation, which can drive morbidity and mortality in these severe diseases. INZ-701 is currently in clinical development for the treatment of ENPP1 Deficiency, ABCC6 Deficiency, and calciphylaxis.
For more information, please visit https://www.inozyme.com/ or follow Inozyme on LinkedIn, X (formerly Twitter), and Facebook.

Contacts
Investors:
Inozyme Pharma
Stefan Riley, Senior 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 Nasdaq symbol for Inozyme Pharma?

The Nasdaq symbol for Inozyme Pharma is INZY.

How many shares can the new employee purchase?

The new employee can purchase up to 20,000 shares.

At what price can the shares be purchased?

The shares can be purchased at $4.61 per share.

How long is the term of the stock options?

The stock options have a 10-year term.

How does the vesting of the stock options work?

The shares vest over four years, with 25% vesting on the first anniversary and 2.0833% monthly thereafter, contingent on continued service.