Quotient Announces Equity Awards

Rhea-AI Summary

Quotient Limited (NASDAQ: QTNT) announced the appointment of Dr. Isabelle Buckle and Dr. Catherine Larue to its Board of Directors, effective September 1, 2020. Each will receive share options worth $100,000, approved by the Board, as an inducement for their joining. These options will vest over three years, contingent on their continued service. Quotient specializes in diagnostics, notably with its MosaiQ technology aimed at efficiency in testing. The company has also developed a COVID-19 antibody test available in Europe.

Positive

• Appointment of two experienced board members, enhancing governance.
• Share options linked to board service incentivize commitment.
• MosaiQ's capabilities position the company for operational cost savings.

Negative

• None.

JERSEY, Channel Islands, July 23, 2020 (GLOBE NEWSWIRE) -- Quotient Limited (NASDAQ:QTNT), a commercial-stage diagnostics company (the Company), headquartered in Eysins, Switzerland today announced that Dr. Isabelle Buckle, Ph.D. and Dr. Catherine Larue, Ph.D. will join the Company’s Board of Directors, effective September 1, 2020.

In connection with the planned appointments, on September 1, 2020, Quotient will grant Dr. Buckle and Dr Larue each share options providing for the right to purchase $100,000 of Quotient’s ordinary shares. The grants, which will be issued outside of Quotient’s 2014 Stock Incentive Plan, were approved by Quotient’s Board of Directors and the Remuneration Committee of the Board of Directors pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to Dr. Buckle's and Dr. Larue’s joining Quotient’s Board of Directors.

The share options will have a per share exercise price equal to the closing sales price of Quotient’s ordinary shares on the Nasdaq Global Market on the grant date. The share options will vest in three equal installments on the first, second and third anniversaries of the grant date, subject to Dr. Buckle’s and Dr. Larue’s continued service to Quotient’s Board of Directors through each vesting date.

About Quotient Limited

Building on over 30 years of experience in transfusion diagnostics, Quotient is a commercial-stage diagnostics company committed to delivering solutions that reshape the way diagnostics is practiced. MosaiQ, Quotient’s proprietary multiplex microarray technology, offers the world’s first fully automated, consolidated testing platform, allowing for multiple tests across different modalities. MosaiQ is designed to be a game-changing solution, which Quotient believes will increase efficiencies, improve clinical practice, and deliver significant workflow improvements and operational cost savings to laboratories around the world. Building on the experience from transfusion diagnostics, Quotient has now developed a serological test in response to the global COVID-19 pandemic. The MosaiQ COVID-19 Antibody Microarray is CE marked and available for distribution in Europe including Switzerland, and the UK. Quotient's operations are based in Eysins, Switzerland, Edinburgh, Scotland and Newtown, Pennsylvania. The Quotient logo, Quotient MosaiQ and MosaiQ are trademarks or registered trademarks of Quotient Limited or its subsidiaries in various jurisdictions.

The Quotient logo, Quotient MosaiQ and MosaiQ are trademarks or registered trademarks of Quotient Limited or its subsidiaries in various jurisdictions.

Contact: Peter Buhler, Chief Financial Officer, peter.buhler@quotientbd.com; +41 22 545 52 26  

FAQ

Who has been appointed to Quotient Limited's Board of Directors?

Dr. Isabelle Buckle and Dr. Catherine Larue have been appointed effective September 1, 2020.

What is the value of the share options granted to the new board members of QTNT?

Each new board member will receive share options worth $100,000.

What is the MosaiQ technology developed by Quotient Limited?

MosaiQ is a fully automated, consolidated testing platform for multiple diagnostics.

Is Quotient Limited's COVID-19 antibody test available for distribution?

Yes, the MosaiQ COVID-19 Antibody Microarray is CE marked and available in Europe.