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Kezar Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Kezar Life Sciences, a clinical-stage biotechnology company (NASDAQ: KZR), announced the grant of nonqualified stock options to six employees, totaling 232,000 shares at an exercise price of $3.05 per share. This price corresponds to the closing price on April 3, 2023, the grant date. The options, part of an inducement award, will vest over four years, with 25% vesting on the first anniversary of the employee’s start date and the remaining shares vesting monthly. This award complies with Nasdaq Listing Rule 5635(c)(4). Kezar is focused on developing breakthrough treatments for immune-mediated and oncologic disorders, including its lead asset, Zetomipzomib, which has completed a Phase 2 trial for lupus nephritis and KZR-261, a candidate in an ongoing Phase 1 trial for solid tumors.
Positive
Grant of 232,000 stock options to employees indicates commitment to attracting talent.
Stock options priced at $3.05, aligning with market value on grant date.
Inducement awards may improve employee retention and motivation.
Zetomipzomib shows potential in treating chronic immune-mediated diseases.
Negative
None.
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 six employees nonqualified stock options to purchase 232,000 shares of its common stock with an exercise price of $3.05 per share, which is equal to the closing price of Kezar’s common stock on April 3, 2023, the grant date of the awards. The stock options were granted as an inducement award material to the individuals entering into employment with Kezar, in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options will vest over a four-year period, with 25% of each 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 options are subject to the terms and conditions of Kezar’s 2022 Inducement Plan and the stock option agreement covering the grants.
About Kezar Life Sciences
Kezar Life Sciences is a clinical-stage biopharmaceutical company discovering and developing novel 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 that has completed 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.
