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 to purchase 103,000 shares of common stock for three new employees as part of Inducement Grants on September 1, 2022. These grants, made outside the company's Amended and Restated 2016 Equity Incentive Plan, aim to incentivize new hires in line with Nasdaq Listing Rule 5635(c)(4). The exercise price equals the closing stock price on the grant date, with a four-year vesting period, beginning with 25% vesting on the first anniversary of employment.

Positive

• Approval of stock options for 103,000 shares may attract talent.
• The stock options have an exercise price equal to the closing stock price, ensuring fair valuation.

Negative

• None.

WALTHAM, Mass., Sept. 02, 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 purchase an aggregate of 103,000 shares of the Company’s common stock to three new employees (the “Inducement Grants”) on September 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 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 underserved by current 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). VRDN-002 is a distinct anti-IGF-1R antibody and incorporates half-life extension technology. VRDN-003 is an extended half-life version of VRDN-001. Both VRDN-002 and VRDN-003 are designed for administration as convenient, low-volume, subcutaneous injections. 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. 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 stock options were granted by Viridian Therapeutics on September 1, 2022?

Viridian Therapeutics granted stock options to purchase 103,000 shares of common stock to three new employees.

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

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

Why were the stock options granted outside the 2016 Equity Incentive Plan?

The options were granted as an inducement for new employees in accordance with Nasdaq Listing Rule 5635(c)(4).

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

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