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

Rhea-AI Summary

Viridian Therapeutics (Nasdaq: VRDN) announced on March 3, 2023, that its Compensation Committee approved the grant of non-qualified stock options for 337,000 shares to three new employees. These grants were made outside of the Amended and Restated 2016 Equity Incentive Plan and comply with Nasdaq Listing Rule 5635(c)(4). The exercise price is set at the closing stock price on the grant date, with shares vesting over four years. Viridian is focused on developing treatments for serious and rare diseases, particularly advancing its VRDN-001 candidate for thyroid eye disease through both a Phase 3 trial and a Phase 2 proof-of-concept trial.

Positive

• Approval of non-qualified stock options for 337,000 shares enhances workforce retention and attraction.
• Initiation of Phase 3 trial 'THRIVE' for VRDN-001 could advance the company's position in treating thyroid eye disease.

Negative

• None.

WALTHAM, Mass., March 03, 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 Compensation Committee of the Company’s Board of Directors approved the grant of non-qualified stock options to purchase an aggregate of 337,000 shares of the Company’s common stock to three new employees (the “Inducement Grants”) on March 1, 2023 (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 did Viridian Therapeutics announce on March 3, 2023?

Viridian Therapeutics announced the approval of non-qualified stock options for 337,000 shares to three new employees.

What is the purpose of the stock options granted by Viridian?

The stock options were granted as an inducement for new employees to join the company.

What is VRDN-001 and what trials is it involved in?

VRDN-001 is a candidate treatment for thyroid eye disease, currently in a Phase 3 trial and a Phase 2 proof-of-concept trial.

How does the vesting of stock options work for new employees at Viridian?

The stock options vest over four years, with 25% vesting after one year and the remainder in 36 monthly installments.

What does Nasdaq Listing Rule 5635(c)(4) entail?

This rule allows companies to grant stock options outside of their equity incentive plan as an inducement for hiring.