Syndax Pharmaceuticals Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Syndax Pharmaceuticals announced the hiring of Chief Financial Officer Keith A. Goldan, who received an inducement award to purchase 230,000 shares at an exercise price of $15.60. This stock option will vest over four years, with 25% vesting after the first year and the remainder vesting monthly. The award was approved in compliance with NASDAQ Listing Rule 5635(c)(4). Syndax is focused on developing innovative cancer therapies, including revumenib and axatilimab, which are currently in pivotal trials.

Positive

• Inducement award of 230,000 shares to CFO Keith Goldan may align leadership interests with shareholder value.
• Pipeline includes two therapies, revumenib and axatilimab, currently in pivotal trials, indicating potential future revenue.

Negative

• None.

WALTHAM, Mass., June 16, 2022 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. ("Syndax," the "Company" or "we") (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that in connection with the hiring, announced on June 13, 2022, of Keith A. Goldan as Chief Financial Officer, Mr. Goldan received an inducement award to purchase up to 230,000 shares of common stock. The stock option has an exercise price per share of $15.60, the closing price of the Company's common stock on the Nasdaq Global Select Market on June 13, 2022 and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months, subject to Mr. Goldan's continued service relationship with Syndax through the applicable vesting dates. Syndax's Board of Directors approved the award as inducement material to Mr. Goldan's employment in accordance with NASDAQ Listing Rule 5635(c)(4).

About Syndax Pharmaceuticals, Inc.

Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company's pipeline include revumenib (SNDX-5613), a highly selective inhibitor of the Menin–MLL binding interaction, and axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, both currently in pivotal trials. For more information, please visit www.syndax.com or follow the Company on Twitter and LinkedIn.

Syndax Contact

Sharon Klahre
Syndax Pharmaceuticals, Inc.
sklahre@syndax.com
Tel 781.684.9827

SNDX-G

 

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SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What was announced by Syndax Pharmaceuticals on June 16, 2022?

Syndax Pharmaceuticals announced the hiring of Keith A. Goldan as CFO and the grant of stock options.

How many shares did Keith Goldan receive as an inducement award?

Keith Goldan received an inducement award to purchase up to 230,000 shares.

What is the exercise price for the stock options granted to Keith Goldan?

The exercise price for the stock options is $15.60 per share.

How long will the stock options granted to Keith Goldan vest?

The stock options will vest over four years.

What is the focus of Syndax Pharmaceuticals' pipeline?

Syndax Pharmaceuticals focuses on developing innovative cancer therapies.