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

Rhea-AI Summary

Viridian Therapeutics announced the approval of inducement grants for 10 new employees, totaling 538,000 shares of common stock, effective July 1, 2024. These grants, approved by the independent directors on the Compensation Committee, are issued outside the company’s 2016 Equity Incentive Plan but adhere to its terms. The grants, designed to attract new talent under Nasdaq Listing Rule 5635(c)(4), have an exercise price matching the stock’s closing price on the grant date. Vesting occurs over four years, with 25% vesting on the one-year employment anniversary and the remainder vesting in 36 equal monthly installments.

Positive

• 538,000 shares in inducement grants to attract new talent.
• Grants have an exercise price equal to the closing price on the grant date.

Negative

• Shares issued outside the 2016 Equity Incentive Plan could indicate potential dilution for existing shareholders.

WALTHAM, Mass.--(BUSINESS WIRE)-- 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 Compensation Committee of the company’s Board of Directors approved the grant of non-qualified stock options to purchase an aggregate of 538,000 shares of the company’s common stock to 10 new employees (the “Inducement Grants”) on July 1, 2024 (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 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 protein engineering enables the development of 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 is conducting a pivotal program for VRDN-001, including two global phase 3 clinical trials (THRIVE and THRIVE-2), to evaluate its efficacy and safety in patients with active and chronic TED. Viridian is also advancing VRDN-003 as a potential best-in-class subcutaneous therapy for the treatment of TED, including two planned global phase 3 clinical trials, REVEAL-1 and REVEAL-2, to evaluate the efficacy and safety of VRDN-003 in patients with active and chronic TED.

In addition to its TED portfolio, Viridian is advancing a novel portfolio of neonatal Fc receptor (FcRn) inhibitors, including VRDN-006 and VRDN-008, which has the potential to be developed in multiple autoimmune diseases.

Viridian is based in Waltham, Massachusetts. For more information, please visit www.viridiantherapeutics.com. Follow Viridian on LinkedIn and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240703993817/en/

Louisa Stone, 617-272-4604

Manager, Investor Relations

IR@viridiantherapeutics.com

Source: Viridian Therapeutics, Inc.

FAQ

What did Viridian Therapeutics announce on July 1, 2024?

Viridian Therapeutics announced the approval of inducement grants totaling 538,000 shares of common stock for 10 new employees.

What is the significance of Viridian Therapeutics' inducement grants?

The inducement grants are designed to attract new employees, offering them stock options that vest over four years.

How many shares are involved in Viridian Therapeutics' inducement grants?

A total of 538,000 shares of Viridian Therapeutics' common stock are involved in the inducement grants.

When will the Viridian Therapeutics inducement grants vest?

The grants will vest over four years, with 25% vesting on the one-year anniversary of the employee's start date and the remainder vesting in 36 equal monthly installments.

What is the exercise price for the Viridian Therapeutics inducement grants?

The exercise price for the inducement grants is equal to the closing price of Viridian Therapeutics' common stock on the grant date.

Under which Nasdaq rule were the Viridian Therapeutics inducement grants approved?

The inducement grants were approved under Nasdaq Listing Rule 5635(c)(4).