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

Rhea-AI Summary

Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX), a clinical-stage biopharmaceutical company focused on cancer therapies, announced an inducement stock option grant for its new President, Dr. Neil Gallagher. Effective April 10, 2023, Dr. Gallagher received an award to purchase 250,000 shares at an exercise price of $19.35, the closing stock price on that date. The stock options will vest over four years, with 25% vesting after one year and the remainder vesting monthly thereafter, contingent on Dr. Gallagher's continued employment. This grant was approved by Syndax's Board of Directors in accordance with NASDAQ Listing Rule 5635(c)(4). Syndax's innovative pipeline includes drugs like revumenib and axatilimab, which are in pivotal trials. Further details can be found on their official website.

Positive

• Inducement grant for Dr. Gallagher may attract investors by enhancing leadership.
• Vesting schedule aligns Dr. Gallagher's interests with shareholders over four years.
• Innovative pipeline including revumenib and axatilimab indicates potential for future growth.

Negative

• None.

WALTHAM, Mass., April 13, 2023 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that in connection with the hiring, announced on April 10, 2023, of Neil Gallagher, M.D., Ph.D., as President, Head of Research and Development, Dr. Gallagher received an inducement award to purchase up to 250,000 shares of common stock. The stock option has an exercise price per share of $19.35, the closing price of the Company's common stock on the Nasdaq Global Select Market on April 10, 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 Dr. Gallagher's continued service relationship with Syndax through the applicable vesting dates. Syndax's Board of Directors approved the award as inducement material to Dr. Gallagher'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, 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 recent action did Syndax Pharmaceuticals take regarding stock options for Dr. Gallagher?

Syndax Pharmaceuticals granted Dr. Neil Gallagher an inducement stock option award to purchase 250,000 shares at an exercise price of $19.35.

What is the vesting schedule for Dr. Gallagher's stock options?

Dr. Gallagher's stock options will vest over four years, with 25% vesting on the one-year anniversary and the rest vesting monthly thereafter.

What is Syndax Pharmaceuticals' stock symbol?

Syndax Pharmaceuticals' stock symbol is SNDX.

When was Dr. Gallagher appointed as President of Syndax Pharmaceuticals?

Dr. Gallagher was announced as President on April 10, 2023.

What is the significance of the inducement award for Dr. Gallagher?

The inducement award may enhance investor confidence by aligning Dr. Gallagher's interests with those of shareholders.