Rockwell Medical Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Rockwell Medical (RMTI) announced on February 14, 2022, the approval of an option grant for a new employee to purchase 10,000 shares of common stock at an exercise price of $0.40, equivalent to the stock's closing price on February 10, 2022. This Inducement Grant was authorized by the majority of independent directors per Nasdaq Listing Rule 5635(c)(4) and will vest over three years. Rockwell Medical is focused on developing treatments for iron deficiency and anemia, with FDA-approved therapies for hemodialysis patients.

Positive

• Approval of an option grant for 10,000 shares may enhance employee retention.
• The exercise price set at $0.40 aligns with recent trading activity.

Negative

• None.

WIXOM, Mich., Feb. 14, 2022 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (Nasdaq: RMTI), a biopharmaceutical company dedicated to transforming the treatment of iron deficiency and anemia management and improving outcomes for patients around the world, today announced that a majority of the independent directors serving on the Company’s Board of Directors approved an option grant to a new employee to purchase 10,000 shares of the Company’s common stock (the “Inducement Grant”). The Inducement Grant has been granted outside of the Company’s Amended and Restated 2018 Long Term Incentive Plan (“Plan”), but remains subject to the terms and conditions of such Plan. The Inducement Grant was made as an inducement material to such individual entering into employment with Rockwell Medical in accordance with Nasdaq Listing Rule 5635(c)(4). The Inducement Grant has an exercise price of $0.40, which is equal to the closing price of Rockwell Medical’s common stock on February 10, 2022, the grant date of the award. The Inducement Grant will vest over a 3-year period, with one-third of the shares vesting on each of the first three anniversaries of the grant date, subject to continued employment through the applicable vesting dates.

About Rockwell Medical

Rockwell Medical is a commercial-stage biopharmaceutical company developing and commercializing its next-generation parenteral iron technology platform, Ferric Pyrophosphate Citrate (FPC), which has the potential to lead transformative treatments for iron deficiency in multiple disease states, reduce healthcare costs and improve patients’ lives. The Company has two FDA-approved therapies indicated for patients undergoing hemodialysis, which are the first two products developed from the FPC platform. The Company is developing FPC for the treatment of iron deficiency in patients outside of dialysis, who are receiving intravenous medications in the home infusion setting, a large and rapidly growing segment of healthcare, and where these patients suffer from chronic diseases associated with high incidence of iron deficiency and anemia. In addition, Rockwell Medical is one of two major suppliers of life-saving hemodialysis concentrate products to kidney dialysis clinics in the United States. For more information, visit www.RockwellMed.com.

ROCKWELL MEDICAL CONTACTS

Investors:
Argot Partners
212.600.1902
Rockwell@argotpartners.com

Media:
David Rosen
Argot Partners
212.600.1902
david.rosen@argotpartners.com

Source: Rockwell Medical, Inc.

FAQ

What is the recent stock option grant by Rockwell Medical (RMTI)?

Rockwell Medical approved an option grant for a new employee to purchase 10,000 shares at $0.40.

When was the option grant approved for Rockwell Medical (RMTI)?

The option grant was approved on February 14, 2022.

What are the terms of the stock option grant for RMTI?

The grant has an exercise price of $0.40 and will vest over three years.

Why did Rockwell Medical (RMTI) issue an Inducement Grant?

The Inducement Grant was made as an inducement for a new employee's employment.