Iterum Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Iterum Therapeutics plc (Nasdaq: ITRM) announced the granting of a non-statutory share option to purchase 10,000 ordinary shares to a newly hired employee, effective July 5, 2022. The exercise price is set at $0.22 per share, matching the closing price on the grant date. This 10-year option vests on August 30, 2023, contingent on continued employment. The grant aligns with Nasdaq Listing Rule 5635(c)(4) as part of the new hire's compensation package.

Iterum focuses on developing next-generation antibiotics to combat multi-drug resistant pathogens, with its lead compound sulopenem in Phase 3 development.

Positive

• The share option grant could incentivize talent acquisition, potentially enhancing company performance.
• Sulopenem is in Phase 3 clinical development, indicating progress toward commercialization.
• The company has received Fast Track and QIDP designations, potentially accelerating drug approval.

Negative

• None.

DUBLIN, Ireland and CHICAGO, July 06, 2022 (GLOBE NEWSWIRE) -- Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a clinical-stage pharmaceutical company focused on developing next generation oral and IV antibiotics to treat infections caused by multi-drug resistant pathogens in both community and hospital settings, today announced that it has granted a non-statutory share option to purchase an aggregate of 10,000 ordinary shares of the Company as an inducement to a newly hired employee. This grant was awarded pursuant to the Nasdaq inducement grant exception as a component of new hire employment compensation.

The share option was granted effective July 5, 2022 with an exercise price of $0.22 per share, which is equal to the closing price of Iterum Therapeutics’ ordinary shares on the date of grant. The share option has a 10-year term and vests on August 30, 2023, subject to the employee's continued service with the Company through the vesting date. The share option was approved by the Company’s Compensation Committee and was granted as an inducement material to the new employee’s acceptance of employment in accordance with Nasdaq Listing Rule 5635(c)(4). The share option is subject to the terms and conditions of a share option agreement covering the grant and the Company’s 2021 Inducement Equity Incentive Plan.

About Iterum Therapeutics plc

Iterum Therapeutics plc is a clinical-stage pharmaceutical company dedicated to developing differentiated anti-infectives aimed at combatting the global crisis of multi-drug resistant pathogens to significantly improve the lives of people affected by serious and life-threatening diseases around the world. Iterum Therapeutics is advancing its first compound, sulopenem, a novel penem anti-infective compound, in Phase 3 clinical development with an oral formulation and IV formulation. Sulopenem has demonstrated potent in vitro activity against a wide variety of gram-negative, gram-positive and anaerobic bacteria resistant to other antibiotics. Iterum Therapeutics has received Qualified Infectious Disease Product (QIDP) and Fast Track designations for its oral and IV formulations of sulopenem in seven indications.

Investor Contact:
Judy Matthews 
Chief Financial Officer
312-778-6073
IR@iterumtx.com

FAQ

What is the purpose of the share option granted by Iterum Therapeutics (ITRM) on July 5, 2022?

The share option was granted as part of the compensation package for a newly hired employee, under Nasdaq's inducement grant exception.

What is the exercise price of the share option granted by Iterum Therapeutics (ITRM)?

The exercise price is $0.22 per share, which matches the closing price of Iterum's ordinary shares on the grant date.

What is the significance of the Fast Track designation received by Iterum Therapeutics (ITRM)?

The Fast Track designation for sulopenem may expedite its development and review process by regulatory authorities.

What clinical stage is Iterum Therapeutics' lead compound sulopenem currently in?

Sulopenem is currently in Phase 3 clinical development.