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

Rhea-AI Summary

Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX), a biopharmaceutical company focused on cancer therapies, announced on April 3, 2023, the granting of inducement awards to six new employees under its 2023 Inducement Plan. These awards total 121,100 shares of common stock, with an exercise price set at $20.91 per share, reflecting the closing stock price on that date. The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter, contingent upon the employees’ continued service. Syndax's notable pipeline includes revumenib and axatilimab, both currently in pivotal trials.

Positive

• Inducement awards for 121,100 shares may enhance employee retention and motivation.
• The exercise price of $20.91 aligns with the company's recent stock performance.

Negative

• None.

WALTHAM, Mass., April 7, 2023 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that on April 3, 2023 the Company granted inducement awards to purchase up to 121,100 shares of common stock to six new employees under the Company's 2023 Inducement Plan. The stock options have an exercise price per share of $20.91, the closing price of the Company's common stock on the Nasdaq Global Select Market on April 3, 2023 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 the employee's continued service relationship with Syndax through the applicable vesting dates.

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, a highly selective inhibitor of the Menin–KMT2A 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 are the details of the inducement awards granted by Syndax Pharmaceuticals on April 3, 2023?

Syndax Pharmaceuticals granted inducement awards for 121,100 shares with an exercise price of $20.91 per share, vesting over four years.

How do the inducement awards affect Syndax Pharmaceuticals' stock?

The inducement awards may influence employee motivation and retention, potentially impacting long-term stock performance.

What is the current stock price of Syndax Pharmaceuticals (SNDX)?

The exercise price for the inducement awards is set at $20.91, which reflects the closing stock price on April 3, 2023.

What is Syndax Pharmaceuticals' focus in the biopharmaceutical industry?

Syndax Pharmaceuticals focuses on developing innovative cancer therapies.

What is the significance of the 2023 Inducement Plan for Syndax Pharmaceuticals?

The 2023 Inducement Plan aims to attract and retain talent by offering stock options linked to company performance.