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

Rhea-AI Summary

Viridian Therapeutics, Inc. (Nasdaq: VRDN) announced on February 2, 2023, that its Compensation Committee approved the grant of non-qualified stock options to purchase 332,000 shares to four new employees. This Inducement Grant, made outside the Amended and Restated 2016 Equity Incentive Plan, was essential for the new hires in accordance with Nasdaq Listing Rule 5635(c)(4). The exercise price matches the common stock's closing price on the Grant Date, with shares vesting over four years. The company is focused on creating innovative treatments for serious and rare diseases, particularly advancing candidates for thyroid eye disease.

Positive

• Granting of stock options to attract new talent enhances company capabilities.
• The exercise price of stock options aligns with the market value, ensuring no immediate dilution of existing shareholder equity.
• Active clinical programs for thyroid eye disease may lead to significant market opportunities.

Negative

• None.

WALTHAM, Mass., Feb. 02, 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 332,000 shares of the Company’s common stock to four new employees (the “Inducement Grants”) on February 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 www.viridiantherapeutics.com. Follow Viridian on LinkedIn.

Investor and Media Contact:

Viridian Therapeutics, Inc.

Louisa Stone, 508-808-2400
Manager, Investor Relations
IR@viridiantherapeutics.com

Todd James, 617-272-4691
Senior Vice President, Corporate Affairs and Investor Relations
IR@viridiantherapeutics.com

Source: Viridian Therapeutics, Inc.

FAQ

What is the significance of the stock options granted by Viridian Therapeutics on February 1, 2023?

The stock options are part of an Inducement Grant to attract new talent, critical for the growth of Viridian's capabilities.

How many shares of common stock were granted through the Inducement Grants?

An aggregate of 332,000 shares were granted to four new employees.

What is the vesting period for the stock options granted by Viridian Therapeutics?

The stock options will vest over a four-year period.

What is Viridian Therapeutics focusing on in its clinical development?

Viridian is advancing multiple candidates for the treatment of thyroid eye disease, including a Phase 3 trial named 'THRIVE'.