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

Rhea-AI Summary

On July 11, 2022, Reneo Pharmaceuticals (Nasdaq: RPHM) announced the granting of inducement awards to a new non-executive employee by the Compensation Committee. The awards consist of options to purchase 75,000 shares of common stock and 25,000 performance-based restricted stock units. These awards align with Nasdaq Listing Rule 5635(c)(4) and are intended to incentivize the new hire. Reneo focuses on developing therapies for rare genetic mitochondrial diseases, with its lead candidate, REN001, aimed at enhancing mitochondrial functions.

Positive

• Inducement awards granted to incentivize new talent.
• The company actively expands its workforce, indicating growth potential.
• Focus on rare genetic mitochondrial diseases aligns with niche market opportunities.

Negative

• None.

IRVINE, Calif., July 11, 2022 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM), a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, today announced that the Compensation Committee of Reneo’s Board of Directors (the Compensation Committee) granted inducement awards to a non-executive new employee, consisting of an option to purchase an aggregate of 75,000 shares of common stock, plus a performance-based restricted stock unit award covering 25,000 shares of common stock. The Compensation Committee approved the awards as inducements material to such non-executive new employee entering employment with Reneo in accordance with Nasdaq Listing Rule 5635(c)(4).

About Reneo Pharmaceuticals

Reneo is a clinical-stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated with the inability of mitochondria to produce adenosine triphosphate (ATP). Our lead product candidate, REN001, is a potent and selective agonist of the peroxisome proliferator-activated receptor delta (PPARδ). REN001 has been shown to increase transcription of genes involved in mitochondrial function and increase fatty acid oxidation, and may increase production of new mitochondria.

Contacts:

Joyce Allaire
Managing Director
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com 

Gregory J. Flesher
Chief Executive Officer
Reneo Pharmaceuticals, Inc.
investors@reneopharma.com 

FAQ

What awards did Reneo Pharmaceuticals grant on July 11, 2022?

Reneo Pharmaceuticals granted inducement awards including options for 75,000 shares and 25,000 performance-based restricted stock units.

What is Reneo Pharmaceuticals' focus in the pharmaceutical industry?

Reneo Pharmaceuticals focuses on developing therapies for patients with rare genetic mitochondrial diseases.

What does the company aim to achieve with REN001?

REN001 is designed to improve mitochondrial function and increase energy production in patients.

How does Nasdaq Listing Rule 5635(c)(4) relate to Reneo's employee awards?

The awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4) as inducements for the new employee.