Rockwell Medical, Inc. Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Rockwell Medical, Inc. (Nasdaq: RMTI) announced the approval of an option to purchase 350,000 shares of its common stock to Megan C. Timmins, Senior VP and General Counsel. This Inducement Grant, effective August 16, 2021, has an exercise price of $0.61 and will vest over four years in two equal installments. The grant aligns with Nasdaq Listing Rule 5635(c)(4) and is outside the 2018 Long Term Incentive Plan. Rockwell Medical focuses on iron deficiency treatments and is a supplier of hemodialysis concentrate products in the U.S.

Positive

• Approval of a stock option grant to bolster executive incentive.
• The exercise price of $0.61 reflects recent stock price stability.

Negative

• None.

WIXOM, Mich., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (Nasdaq: RMTI) (“Rockwell Medical” or the “Company”), 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 the grant of an option to purchase 350,000 shares of the Company’s common stock to Megan C. Timmins, the Company’s Senior Vice President, General Counsel and Secretary (the “Inducement Grant”). The Inducement Grant has been granted outside of the Company’s 2018 Long Term Incentive Plan (“Plan”), but remains subject to the terms and conditions of such Plan. The Inducement Grant was granted as an inducement material to such individual’s entering into employment with Rockwell Medical in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grant has an exercise price of $0.61, which is equal to the closing price of Rockwell Medical’s common stock on August 16, 2021, the date of grant of the award. The Inducement Grant will vest over a four-year period, with the shares vesting in two equal installments on the second and fourth anniversaries of August 16, 2021, 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.

CONTACTS

Investors:
Argot Partners
212.600.1902
Rockwell@argotpartners.com

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

FAQ

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

Rockwell Medical approved an option to purchase 350,000 shares for Megan C. Timmins at an exercise price of $0.61.

When was the stock option grant for Megan C. Timmins made effective?

The stock option grant became effective on August 16, 2021.

What plan is the stock option grant associated with for Rockwell Medical?

The stock option grant is outside the 2018 Long Term Incentive Plan.

What does the stock option grant to Megan C. Timmins entail?

The stock option grant will vest over four years in two equal installments.

Why did Rockwell Medical grant a stock option to Megan C. Timmins?

The grant was made as an inducement material to her entering employment, per Nasdaq rules.