Viridian Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Viridian Therapeutics (Nasdaq: VRDN) announced an option grant to purchase 180,000 shares of common stock as an inducement for a new employee. This Inducement Grant, approved by a majority of the independent directors, is outside the company’s equity incentive plan but adheres to its terms. The exercise price is set at $17.20, matching the stock's closing price on July 6, 2021. The shares will vest over four years, with 25% vesting on the first anniversary, followed by monthly vesting. Viridian focuses on developing treatments for serious diseases, including TED, using monoclonal antibodies.

BOULDER, Colo., July 14, 2021 (GLOBE NEWSWIRE) -- Viridian Therapeutics, Inc. (Nasdaq: VRDN) (“the “Company” or “Viridian”), a biopharmaceutical company advancing new treatments for patients suffering from serious diseases but underserved by current therapies, today announced that a majority of the independent directors serving on the Company’s Board of Directors approved the grant of an option to purchase 180,000 shares of the Company’s common stock to a new employee (the “Inducement Grant”). The Inducement Grant has been granted outside of the Company’s Amended and Restated 2016 Equity Incentive Plan (the “Plan”) but remains subject to the terms and conditions of such Plan. The Inducement Grant was granted as an inducement material to such individual’s entering into employment with Viridian in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grant has an exercise price of $17.20, which is equal to the closing price of Viridian’s common stock on July 6, 2021, the date of grant of the award. The Inducement Grant will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of the date of grant, and thereafter the remainder of the shares vest in 36 equal monthly installments, subject to continued employment through the applicable vesting dates.

About Viridian Therapeutics

Viridian Therapeutics is a biotechnology company advancing new treatments for patients suffering from serious diseases but underserved by today’s therapies. Viridian’s most advanced program, VRDN-001, is an anti-IGF-1R monoclonal antibody in development for TED, a debilitating auto-immune disease that causes inflammation and fibrosis within the orbit of the eye which can cause double vision, pain, and potential blindness. Patients with severe disease often require multiple remedial surgeries to the orbit, eye muscles, and eyelids. Viridian is based in Boulder, Colorado, and Waltham, Massachusetts. Learn more about Viridian and its programs at https://www.viridiantherapeutics.com/.

Follow us on Twitter @ViridianThera and on LinkedIn.

Viridian Contacts:
Investors:
Dan Ferry
LifeSci Advisors
617-430-7576
IR@viridiantherapeutics.com

Media:
Darby Pearson
Verge Scientific Communications
703-587-0831
PR@viridiantherapeutics.com

FAQ

What is the recent stock option grant by Viridian Therapeutics (VRDN)?

Viridian Therapeutics granted an option to purchase 180,000 shares of common stock to a new employee as part of an Inducement Grant.

What is the exercise price for the stock options granted by Viridian Therapeutics?

The exercise price for the stock options is set at $17.20, equal to the stock's closing price on July 6, 2021.

How will the stock options granted to the new employee at Viridian Therapeutics vest?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting in 36 equal monthly installments.

What type of company is Viridian Therapeutics?

Viridian Therapeutics is a biotechnology company focused on advancing treatments for patients with serious diseases that are underserved by existing therapies.