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

Rhea-AI Summary

Viridian Therapeutics, Inc. (Nasdaq: VRDN) announced a stock option grant to an employee for 14,000 shares as an inducement for employment. The grant, approved by the Compensation Committee, is outside the company's existing equity incentive plan but adheres to its terms. The exercise price matches the closing stock price on the grant date, July 1, 2022. The options will vest over four years, with 25% vesting after one year and the remainder in monthly installments, contingent on continued employment. Viridian focuses on developing treatments for serious diseases, including thyroid eye disease.

Positive

• Inducement grant of stock options aligns employee interests with company performance.
• Stock options have an exercise price equal to the closing price, providing potential upside.

Negative

• None.

WALTHAM, Mass., July 08, 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 an employee to purchase 14,000 shares of the Company’s common stock (the “Inducement Grant”) on July 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 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 is the stock option grant by Viridian Therapeutics on July 1, 2022?

Viridian granted stock options to an employee to purchase 14,000 shares as an inducement for employment.

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

The stock options vest over four years, with 25% vesting after one year and the remainder vesting in monthly installments.

What is the exercise price of the stock options granted by Viridian?

The exercise price is equal to the closing price of Viridian's common stock on the grant date, July 1, 2022.

What is the focus of Viridian Therapeutics as a biotechnology company?

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

What is VRDN-001 in relation to Viridian Therapeutics?

VRDN-001 is a differentiated monoclonal antibody targeting insulin-like growth factor-1 receptor, aimed at treating thyroid eye disease.