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

Rhea-AI Summary

Iterum Therapeutics plc (Nasdaq: ITRM) announced on February 8, 2022, the granting of a non-statutory share option to a new employee, comprising 50,000 ordinary shares. The share option has an exercise price of $0.41, equal to the closing price on the grant date, and a 10-year term, vesting over four years. This incentive aligns with Nasdaq regulations and forms part of the new hire's compensation package. Iterum is focused on developing advanced antibiotics, particularly sulopenem, which is in Phase 3 clinical development.

Positive

• Grant of 50,000 share options to a new employee as an inducement for employment.
• Share option exercise price set at $0.41, aligning with market value.
• Focused on developing sulopenem, which has received Fast Track designations.

Negative

• None.

DUBLIN, Ireland and CHICAGO, Feb. 08, 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 50,000 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 February 4, 2022 with an exercise price of $0.41 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 over four years, with 25% of the original number of shares vesting on the first anniversary of the date of commencement of employment and the remaining shares vesting monthly thereafter over the subsequent 36 months, in equal amounts until fully vested, subject to the employee's continued service with the Company through the applicable vesting dates.   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 share option granted by Iterum Therapeutics for?

The share option is granted to a new employee as part of their employment compensation.

When was the share option granted by Iterum Therapeutics?

The share option was granted on February 4, 2022.

What is the exercise price of the share options granted by ITRM?

The exercise price of the share options is $0.41 per share.

What is the focus of Iterum Therapeutics?

Iterum Therapeutics focuses on developing next-generation antibiotics to treat multi-drug resistant infections.

What clinical stage is sulopenem currently in?

Sulopenem is in Phase 3 clinical development.