Milestone Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Milestone Pharmaceuticals (Nasdaq: MIST) announced on April 15, 2022, the grant of stock options to new employees as part of their compensation. One employee received 65,000 options with an exercise price of $6.85, and another received 36,000 options at $6.93. These grants, approved under NASDAQ's inducement grant exception, vest over four years. Milestone is developing innovative cardiovascular medicines, with its lead candidate, etripamil, in Phase 3 trials for paroxysmal supraventricular tachycardia and Phase 2 trials for atrial fibrillation.

Positive

• Granting of stock options as an incentive for new hires indicates a strategy to attract talent.
• Milestone has a clear development pipeline with etripamil in advanced clinical trials, potentially leading to new revenue streams.

Negative

• None.

MONTREAL and CHARLOTTE, N.C., April 15, 2022 /PRNewswire/ -- Milestone Pharmaceuticals Inc. (Nasdaq: MIST), a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines, today announced that Milestone's Compensation Committee granted one new employee 65,000 incentive stock options at a per share exercise price of $6.85, the closing price of Milestone's common stock on April 1, 2022 and another new employee 36,000 incentive stock options at a per share exercise price of $6.93, the closing price of Milestone's common stock on April 11, 2022. The awards were made pursuant to the NASDAQ inducement grant exception as a component of the new hires' employment compensation. The inducement grants were approved by Milestone's Compensation Committee and are being made as an inducement material to each employee's acceptance of employment with the company in accordance with NASDAQ Listing Rule 5635(c)(4).

The stock options each 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 applicable employee's new hire date and 2.0833% of the original number of shares vesting each month thereafter on the same day of the month as the employee's new hire date until fully vested, subject to the employee's continued service with the company through the applicable vesting dates.

About Milestone Pharmaceuticals

Milestone Pharmaceuticals Inc. (Nasdaq: MIST), is a biopharmaceutical company focused on the development and commercialization of innovative cardiovascular medicines. Milestone's lead product candidate etripamil is currently in a Phase 3 clinical-stage program for the treatment of paroxysmal supraventricular tachycardia (PSVT) and in a Phase 2 proof-of-concept trial for the treatment of patients with atrial fibrillation with rapid ventricular rate (AFib-RVR). Milestone Pharmaceuticals operates in Canada and the United States. For more information, visit www.milestonepharma.com and follow the Company on Twitter at @MilestonePharma.

Contact:

David Pitts
Argot Partners
212-600-1902
david@argotpartners.com

 

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SOURCE Milestone Pharmaceuticals, Inc.

FAQ

What are the details of the stock option grants by Milestone Pharmaceuticals (MIST)?

Milestone Pharmaceuticals granted 65,000 options at $6.85 and 36,000 options at $6.93 to new employees on April 15, 2022.

What is the vesting schedule for the stock options granted by Milestone Pharmaceuticals?

The options vest over four years, with 25% vesting on the first anniversary and 2.0833% vesting monthly thereafter.

What is the focus of Milestone Pharmaceuticals (MIST)?

Milestone Pharmaceuticals focuses on developing innovative cardiovascular medicines, particularly etripamil.

What is the current stage of Milestone Pharmaceuticals' lead product candidate, etripamil?

Etripamil is in a Phase 3 clinical-stage program for treating paroxysmal supraventricular tachycardia and a Phase 2 trial for atrial fibrillation.