Myovant Sciences Announces New Employment Inducement Grants Under NYSE Rule 303A.08

Rhea-AI Summary

Myovant Sciences (NYSE: MYOV) announced the approval of equity awards for 72 new employees as part of the 2020 Inducement Plan. Effective November 15, 2020, these employees were granted restricted stock units (RSUs) amounting to 201,400 common shares. The RSUs vest in stages: one-fourth after one year, with the remaining shares vesting quarterly thereafter, contingent on continued employment. Myovant focuses on innovative treatments for men's and women's health, with its lead product candidate, relugolix, under regulatory review for prostate cancer and uterine fibroids.

Positive

• Approval of equity awards for 72 new employees, which may enhance talent retention and operational capacity.
• Grant of 201,400 RSUs reflects investment in workforce and commitment to growth.

Negative

• None.

BASEL, Switzerland, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Myovant Sciences (NYSE: MYOV), a healthcare company focused on redefining care for women and for men, today announced that it approved equity awards for 72 new employees with a grant date of November 15, 2020 pursuant to Myovant’s 2020 Inducement Plan. The equity awards were granted to the employees joining Myovant in accordance with NYSE’s Listed Company Manual Rule 303A.08.  

The new employees received, in the aggregate, restricted stock units (RSUs) to purchase 201,400 common shares of Myovant. One-fourth of the shares underlying each employee’s RSU will vest on the one-year anniversary of the grant date, with the balance of the common shares vesting in twelve equal quarterly installments thereafter, in each case, subject to each such employee’s continued employment with Myovant on such vesting dates. The RSUs are subject to the terms and conditions of the 2020 Inducement Plan and the applicable restricted stock unit agreements.

About Myovant Sciences
Myovant Sciences aspires to redefine care for women and for men through purpose-driven science, empowering medicines, and transformative advocacy. Our lead product candidate, relugolix, is a once-daily, oral GnRH receptor antagonist. Relugolix monotherapy tablet (120 mg) is under regulatory review in the U.S. for men with advanced prostate cancer. Relugolix combination tablet (relugolix 40 mg, estradiol 1.0 mg, and norethindrone acetate 0.5 mg) is under regulatory review in Europe and the U.S. for women with uterine fibroids and is under development for women with endometriosis. We are also developing MVT-602, an oligopeptide kisspeptin-1 receptor agonist, which has completed a Phase 2a study for female infertility as part of assisted reproduction. Sumitovant Biopharma, Ltd., a wholly owned subsidiary of Sumitomo Dainippon Pharma Co., Ltd., is our majority shareholder. For more information, please visit our website at www.myovant.com. Follow @Myovant on Twitter and LinkedIn.

Investor Contact:
Ryan Crowe
Vice President, Investor Relations
Myovant Sciences, Inc.
investors@myovant.com

Media Contact:
Albert Liao
Director, Corporate Communications
Myovant Sciences, Inc.
media@myovant.com

FAQ

What equity awards were approved by Myovant Sciences on November 17, 2020?

Myovant Sciences approved equity awards for 72 new employees, granting them a total of 201,400 restricted stock units (RSUs) as part of the 2020 Inducement Plan.

When do the RSUs granted by Myovant Sciences vest?

The RSUs vest in four stages: one-fourth will vest on the one-year anniversary of the grant date, with the remaining shares vesting in twelve equal quarterly installments.

What is the significance of the RSUs for Myovant Sciences' employees?

The RSUs serve as an incentive for new employees, potentially increasing retention and aligning their interests with the company's performance.

What products is Myovant Sciences currently developing?

Myovant Sciences is developing relugolix for prostate cancer and uterine fibroids, and MVT-602 for female infertility.