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

Rhea-AI Summary

Viridian Therapeutics (Nasdaq: VRDN) announced the approval of stock options for 180,000 shares to two new employees, granted as Inducement Grants. These grants, awarded outside of the company's 2016 Equity Incentive Plan, will vest over four years. The exercise price will match the stock's closing price on each employee's Grant Date. This move aligns with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to support Viridian's mission of developing treatments for serious diseases, including its leading program targeting thyroid eye disease.

Positive

• Inducement Grants of 180,000 shares approved to attract new talent.
• Alignment with Nasdaq Listing Rule 5635(c)(4) demonstrates compliance.

Negative

• None.

WALTHAM, Mass., Nov. 30, 2021 (GLOBE NEWSWIRE) -- Viridian Therapeutics, Inc. (Nasdaq: VRDN) (the “Company” or “Viridian”), a biotechnology 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 stock options to purchase an aggregate of 180,000 shares of the Company’s common stock to two new employees (the “Inducement Grants”) on the date that each employee commences service with the Company (the “Grant Date”). The Inducement Grants have been granted outside of the Company’s Amended and Restated 2016 Equity Incentive Plan (the “Plan”) but remain subject to the terms and conditions of such Plan. The Inducement Grants were granted as an inducement material to these individuals entering into employment with Viridian in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grants have an exercise price per share that is equal to the closing price of Viridian’s common stock on the new employee’s Grant Date. The Inducement Grants 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 a differentiated monoclonal antibody targeting insulin-like growth factor-1 receptor (IGF-1R), a clinically and commercially validated target for the treatment of thyroid eye disease (TED). TED is a debilitating autoimmune 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 Waltham, Massachusetts.

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 stock options were granted by Viridian Therapeutics?

Viridian Therapeutics granted an aggregate of 180,000 stock options to two new employees.

What is the vesting period for the stock options at Viridian?

The stock options will vest over four years, with 25% vesting after one year.

What is the significance of the Inducement Grants by Viridian on the stock market?

Inducement Grants aim to attract skilled employees and establish compliance with Nasdaq regulations, potentially enhancing company performance.

What is the exercise price for the stock options granted to new employees?

The exercise price will be equal to the closing price of Viridian's common stock on the employees' Grant Date.