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 266,000 shares to five new employees. These Inducement Grants, made on June 1, 2022, are designed to encourage new hires and are outside the 2016 Equity Incentive Plan. The exercise price matches the stock's closing price on the grant date and will vest over four years, starting with 25% after one year. Viridian focuses on developing treatments for serious conditions like thyroid eye disease, with its leading product candidate VRDN-001 targeting IGF-1R.

Positive

• Approval of stock options for 266,000 shares enhances employee incentives and recruitment.
• Stock options granted outside the existing equity incentive plan may attract top talent.

Negative

• None.

WALTHAM, Mass., June 03, 2022 (GLOBE NEWSWIRE) -- Viridian Therapeutics, Inc. (NASDAQ: VRDN) (the “Company” or “Viridian”), a biotechnology company advancing new treatments for patients suffering from serious diseases 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 266,000 shares of the Company’s common stock, to five new employees (the “Inducement Grants”) on June 1, 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 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 Grant 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 did Viridian Therapeutics announce on June 1, 2022?

Viridian Therapeutics announced the approval of stock options for 266,000 shares to five new employees.

What is the purpose of the Inducement Grants from Viridian?

The Inducement Grants are intended as an incentive for new hires to join the company.

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

The stock options will vest over four years, with 25% vesting on the one-year anniversary of the grant date.

What is Viridian Therapeutics' primary area of focus?

Viridian focuses on developing treatments for serious diseases, particularly thyroid eye disease.

What is the ticker symbol for Viridian Therapeutics?

The ticker symbol for Viridian Therapeutics is VRDN.