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Kezar Announces Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
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Rhea-AI Summary
Kezar Life Sciences, a clinical-stage biotechnology firm, announced the granting of a nonqualified stock option to one employee for 30,000 shares at an exercise price of $7.06 each. This decision aligns with Nasdaq's listing rules as an inducement for employment. The option will vest over four years, starting with 25% vested on the first anniversary of the employee's start date. Kezar is focused on developing innovative treatments for immune-mediated and oncologic disorders, including its lead candidate, Zetomipzomib, currently in clinical trials.
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Employee stock option of 30,000 shares at $7.06 per share as an inducement.
Option vests over four years, aligning interests between employee and company.
Kezar is developing breakthrough therapies for immune and oncologic disorders.
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SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--
Kezar Life Sciences, Inc., (Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders, today announced that the Compensation Committee of the company’s Board of Directors granted one employee a nonqualified stock option to purchase 30,000 shares of its common stock with an exercise price of $7.06 per share, which is equal to the closing price of Kezar’s common stock on November 7, 2022, the grant date of the award. The stock option was granted as an inducement award material to the individual entering into employment with Kezar, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option will vest over a four-year period, with 25% of the option vesting on the first anniversary of the employee’s start date, and 1/48th of the total shares vesting monthly thereafter, subject to continued employment on each vesting date. The option is subject to the terms and conditions of Kezar’s 2022 Inducement Plan and the stock option agreement covering the grant.
About Kezar Life Sciences
Kezar Life Sciences is a clinical-stage biopharmaceutical company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders. The company is pioneering first-in-class, small-molecule therapies that harness master regulators of cellular function to inhibit multiple drivers of disease via single, powerful targets. Zetomipzomib, its lead development asset, is a selective immunoproteasome inhibitor being evaluated in a Phase 2 clinical trial in lupus nephritis. This product candidate also has the potential to address multiple chronic immune-mediated diseases. KZR-261 is the first anti-cancer clinical candidate from the company’s platform targeting the Sec61 translocon and the protein secretion pathway. An open-label dose-escalation Phase 1 clinical trial of KZR-261 to assess safety, tolerability and preliminary tumor activity in solid tumors is underway. For more information, visit www.kezarlifesciences.com.
