UroGen Pharma Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

UroGen Pharma Ltd. (Nasdaq: URGN) announced the grant of inducement restricted stock units (RSUs) to 12 new employees to support the commercial launch of Jelmyto® and the development of its pipeline. A total of up to 20,800 shares will vest over three years, contingent on continued employment. The grants adhere to Nasdaq's listing rules and UroGen's 2019 Inducement Plan. UroGen specializes in innovative treatments for urothelial and specialty cancers and is known for its RTGel™ technology.

Positive

• Granting RSUs could enhance employee retention and motivation.
• Continued support for the commercial launch of Jelmyto® may boost revenue opportunities.

Negative

• The issuance of RSUs may lead to future share dilution for current shareholders.

PRINCETON, N.J.--(BUSINESS WIRE)-- UroGen Pharma Ltd. (Nasdaq: URGN) a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers, today announced the grants of inducement restricted stock units (“RSUs”) to 12 new employees in connection with their employment with UroGen. These new team members will support the ongoing commercial launch of Jelmyto® (mitomycin) for pyelocalyceal solution, UroGen’s first approved product, and the continued development of the Company’s pipeline.

Up to 20,800 shares of UroGen’s common stock are issuable upon the vesting and settlement of the RSUs. The RSUs will vest equally over three years, with one third of the underlying shares vesting each year on the anniversary of the vesting date, subject in each case to the employee’s continued service relationship with UroGen.

The RSUs are subject to the terms and conditions of UroGen’s 2019 Inducement Plan and RSU grant notice and agreement thereunder. The RSU grants were granted as an inducement material to each employee entering into employment with UroGen in accordance with Nasdaq listing Rule 5635(c)(4).

About UroGen Pharma Ltd.

UroGen is a biotech company dedicated to developing and commercializing innovative solutions that treat urothelial and specialty cancers because patients deserve better options. UroGen has developed RTGel™ reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based platform technology that has the potential to improve therapeutic profiles of existing drugs. UroGen’s sustained release technology is designed to enable longer exposure of the urinary tract tissue to medications, making local therapy a potentially more effective treatment option. UroGen’s first commercial product Jelmyto® (mitomycin) for pyelocaliceal solution, and investigational treatment UGN-102 (mitomycin) for intravesical solution for patients with low-grade non-muscle invasive bladder cancer, are designed to ablate tumors by non-surgical means. UroGen is headquartered in Princeton, New Jersey with operations in Israel. Visit www.urogen.com to learn more or follow us on Twitter, @UroGenPharma.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221209005056/en/

INVESTOR CONTACT:

Vincent Perrone

vincent.perrone@urogen.com

(609) 460-3588

MEDIA CONTACT:

Cindy Romano

Cindy.romano@urogen.com

(609) 460-3583

Source: UroGen Pharma Ltd.

FAQ

What is UroGen Pharma's stock symbol?

UroGen Pharma's stock symbol is URGN.

What are the new RSUs for employees at UroGen?

UroGen granted inducement RSUs to support its commercial launch of Jelmyto®.

How many shares are involved in the RSU grants at UroGen?

Up to 20,800 shares are issuable upon vesting of the RSUs.

What is the vesting schedule for the RSUs granted by UroGen?

The RSUs will vest equally over three years.

What is Jelmyto® and what role does it play for UroGen?

Jelmyto® is UroGen's first approved product used for treating pyelocalyceal conditions.