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

Rhea-AI Summary

Viridian Therapeutics (Nasdaq: VRDN) announced the approval of non-qualified stock options for 350,000 shares to two new employees, as part of its Inducement Grants, approved by a majority of the independent directors on the Board. These grants, made on March 30 and April 3, 2023, have an exercise price equal to the closing stock price on the Grant Date. They will vest over four years, with 25% vesting after one year, followed by 36 equal monthly installments, contingent on continued employment. The company is advancing treatments for thyroid eye disease, including a Phase 3 trial for VRDN-001, showcasing its commitment to developing medicines for serious and rare diseases.

Positive

• Approval of 350,000 stock options for new employees indicates company growth and expansion.
• Initiation of Phase 3 trial for VRDN-001 showcases the advancement of key therapeutic candidates.
• Focus on serious and rare diseases positions Viridian in niche markets, potentially leading to high demand.

Negative

• None.

WALTHAM, Mass., April 04, 2023 (GLOBE NEWSWIRE) -- Viridian Therapeutics, Inc. (Nasdaq: VRDN) (the “Company” or “Viridian”), a biopharmaceutical company focused on discovering and developing potential best-in-class medicines for serious and rare diseases, today announced that a majority of the independent directors serving on the Company’s Board of Directors or the Compensation Committee thereof, as applicable, approved the grant of non-qualified stock options to purchase an aggregate of 350,000 shares of the Company’s common stock to two new employees (the “Inducement Grants”) on March 30 and April 3, 2023, respectively (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 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 employee’s start date, and thereafter the remainder of the shares vest in 36 equal monthly installments, subject to each employee’s continued employment with Viridian through the applicable vesting dates.

About Viridian Therapeutics

Viridian Therapeutics is a biopharmaceutical company focused on engineering and developing potential best-in-class medicines for patients with serious and rare diseases. Viridian’s expertise in antibody discovery and engineering enables it to develop differentiated therapeutic candidates for previously validated drug targets in commercially established disease areas.

Viridian is advancing multiple candidates in the clinic for the treatment of patients with thyroid eye disease (TED). The Company recently initiated its first global Phase 3 trial called ‘THRIVE’ to evaluate the safety and efficacy of VRDN-001 in patients with active TED. Viridian is also evaluating VRDN-001 in a Phase 2 proof-of-concept trial in patients with chronic TED. In addition to its intravenously administered VRDN-001 program, the Company is advancing two candidates for its subcutaneous strategy with the goal of providing a more conveniently administered therapy to patients with TED. Viridian is developing multiple preclinical assets in autoimmune and rare diseases.

Viridian is based in Waltham, Massachusetts. For more information, please visit https://www.viridiantherapeutics.com. Follow Viridian on LinkedIn.

Contacts

Source: Viridian Therapeutics, Inc.

Investors:
Todd James, 617-272-4691
Senior Vice President, Corporate Affairs and Investor Relations
IR@viridiantherapeutics.com

Louisa Stone, 617-272-4604
Manager, Investor Relations
IR@viridiantherapeutics.com

Media:
Matt Fearer, 617-272-4605
Vice President, Corporate Communications
Media@viridiantherapeutics.com

FAQ

What is the significance of stock options granted by Viridian Therapeutics on April 3, 2023?

Viridian Therapeutics granted 350,000 stock options to two new employees as part of its Inducement Grants, approved by independent directors to enhance recruitment.

What is the purpose of the Phase 3 trial initiated by Viridian Therapeutics?

The Phase 3 trial aims to evaluate the safety and efficacy of VRDN-001 in patients with active thyroid eye disease.

When will the stock options granted to new employees at Viridian Therapeutics vest?

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

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

The exercise price for the stock options is equal to the closing price of Viridian's common stock on the grant date.

What therapeutic areas is Viridian Therapeutics focusing on?

Viridian Therapeutics is focused on developing treatments for serious and rare diseases, particularly for thyroid eye disease.