Savara Announces New Employment Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Savara Inc. (NASDAQ: SVRA) announced on April 22, 2022, the grant of inducement awards to two new employees, comprising options to purchase 55,000 shares of common stock. The options have an exercise price of $1.23 per share, the closing price on the grant date. Each option features a 10-year term and vests quarterly based on the employee's continued service. Savara focuses on rare respiratory diseases, with its lead program, molgramostim nebulizer solution, in Phase 3 development for autoimmune pulmonary alveolar proteinosis.

Positive

• Inducement awards of options granted for 55,000 shares to new employees.
• Options exercise price set at $1.23, aligning with market price on grant date.
• The company focuses on a promising lead program in Phase 3 development, targeting a niche market.

Negative

• None.

AUSTIN, Texas--(BUSINESS WIRE)-- Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of inducement awards to two new employees.

On April 22, 2022, the Compensation Committee of Savara's Board of Directors granted inducement awards to two new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 55,000 shares of the Company's common stock. These equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules as an inducement material to the employee’s acceptance of employment with the Company.

The options have an exercise price of $1.23 per share, the closing trading price of the Company's common stock on the NASDAQ Global Market on the grant date. Each option has a 10-year term and vests as to 1/16^th of the number of shares subject to the option on each quarterly anniversary of the employee’s first day of employment, subject to the employee’s continued employment on each such vesting date.

About Savara

Savara is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our lead program, molgramostim nebulizer solution, is an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP). Molgramostim is delivered via an investigational eFlow^® Nebulizer System (PARI Pharma GmbH). Our management team has significant experience in rare respiratory diseases and pulmonary medicine, identifying unmet needs, and effectively advancing product candidates to approval and commercialization. More information can be found at www.savarapharma.com. (Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).

View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005977/en/

Savara Inc. IR & PR

Anne Erickson (anne.erickson@savarapharma.com)

(512) 851-1366

Source: Savara Inc.

FAQ

What inducement awards were granted by Savara Inc. on April 22, 2022?

Savara Inc. granted inducement awards consisting of options to purchase 55,000 shares of common stock.

What is the exercise price of the options granted by Savara Inc.?

The options have an exercise price of $1.23 per share.

What stage is Savara's lead program currently in?

Savara's lead program, molgramostim nebulizer solution, is in Phase 3 development.

How often do the options granted to employees vest?

The options vest quarterly, based on the employee's continued employment.

What disease is Savara Inc. focused on treating?

Savara Inc. focuses on rare respiratory diseases, specifically autoimmune pulmonary alveolar proteinosis.