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

Rhea-AI Summary

Viridian Therapeutics (Nasdaq: VRDN) announced the grant of non-qualified stock options to an employee for 215,000 shares of common stock, approved by its Compensation Committee. This Inducement Grant, dated December 1, 2022, is outside the 2016 Equity Incentive Plan but adheres to its terms. The exercise price aligns with the stock's closing price on the grant date, and shares will vest over four years. Viridian focuses on treatments for serious diseases, with its lead program targeting thyroid eye disease (TED) through differentiated monoclonal antibodies.

Positive

• The Inducement Grant of stock options may attract skilled talent to Viridian.
• The company is advancing innovative therapies for serious diseases, which can enhance its market position.

Negative

• None.

WALTHAM, Mass., Dec. 07, 2022 (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 Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to an employee to purchase up to 215,000 shares of the Company’s common stock (the “Inducement Grant”) on December 1, 2022 (the “Grant Date”). 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 this individual entering into employment with Viridian in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Grant has an exercise price per share that is equal to the closing price of Viridian’s common stock on the Grant Date. The Inducement Grant will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of the employee’s start date, and thereafter the remainder of the shares vest in 36 equal monthly installments, subject to the employee’s continued employment with Viridian through the applicable vesting dates.

About Viridian Therapeutics

Viridian Therapeutics is a biotechnology company advancing new treatments for patients suffering from serious diseases underserved by current 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). VRDN-002 is a distinct anti-IGF-1R antibody and incorporates half-life extension technology. VRDN-003 is an extended half-life version of VRDN-001. Both VRDN-002 and VRDN-003 are designed for administration as convenient, low-volume, subcutaneous injections. 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. Viridian is based in Waltham, Massachusetts.

Investor and Media Contact:

Todd James
Viridian Therapeutics, Inc.
Senior Vice President, Corporate Affairs and Investor Relations
IR@viridiantherapeutics.com 

FAQ

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

Viridian Therapeutics approved a non-qualified stock option grant for 215,000 shares to an employee, aiming to attract talent.

What is the vesting schedule for the stock options granted by VRDN?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the rest vesting in equal monthly installments.

What is Viridian Therapeutics' primary focus in biotechnology?

Viridian Therapeutics focuses on developing new treatments for serious diseases, particularly targeting thyroid eye disease (TED).

When was the stock option grant announced by Viridian Therapeutics?

The stock option grant was announced on December 7, 2022.