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

Rhea-AI Summary

Viridian Therapeutics, Inc. (Nasdaq: VRDN) announced on August 5, 2022, that its Compensation Committee approved the grant of stock options for 53,000 shares to two new employees as an inducement for joining the company. This grant, made outside the 2016 Equity Incentive Plan, aligns with Nasdaq Listing Rule 5635(c)(4). The exercise price matches the closing stock price on the grant date, with vesting over four years, starting with 25% after the first year and monthly thereafter. Viridian focuses on developing innovative treatments for serious diseases, notably its advanced program targeting thyroid eye disease.

Positive

• Stock options granted for 53,000 shares, incentivizing new talent.
• The grant aligns with Nasdaq's regulations, indicating compliance.
• Focus on developing treatments for serious diseases, with promising candidates VRDN-001 and VRDN-002.

Negative

• None.

WALTHAM, Mass., Aug. 05, 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 stock options to purchase an aggregate of 53,000 shares of the Company’s common stock to two new employees (the “Inducement Grants”) on August 2, 2022 (the “Grant Date”). The Inducement Grants have 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 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 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). Viridian’s second product candidate, VRDN-002, is a distinct anti-IGF-1R antibody that incorporates half-life extension technology and is designed to support administration as a convenient, low-volume, subcutaneous injection. 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.

Investor and Media Contact
John Jordan
Viridian Therapeutics
Vice President, Investor Relations
& Corporate Communications
617-272-4691
IR@viridiantherapeutics.com

FAQ

What stock options were granted by Viridian Therapeutics on August 2, 2022?

Viridian Therapeutics granted stock options to purchase 53,000 shares to two new employees.

How do the stock options work for new employees at Viridian Therapeutics?

The options will vest over four years, with 25% vesting after the first year and the remainder vesting monthly.

What is the significance of Nasdaq Listing Rule 5635(c)(4) for Viridian Therapeutics?

This rule allows companies to grant stock options as an inducement for hiring, ensuring regulatory compliance.

What are the main product candidates of Viridian Therapeutics?

Viridian's main candidates include VRDN-001, targeting IGF-1R for thyroid eye disease, and VRDN-002, designed for convenient subcutaneous administration.