X4 Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

X4 Pharmaceuticals, Inc. (Nasdaq: XFOR) announced an inducement award of options to purchase 10,700 shares of its common stock to new employees under its 2019 Inducement Equity Incentive Plan. The options, set at an exercise price of $7.83 per share, will vest over four years, encouraging retention. This award aligns with Nasdaq Listing Rule 5635(c)(4). X4 is focused on therapies targeting CXCR4 pathway dysfunction, with its lead candidate, mavorixafor, undergoing various clinical trials.

Positive

• Inducement award aligns with Nasdaq regulations.
• Encourages employee retention with a structured vesting schedule.

Negative

• None.

CAMBRIDGE, Mass., Aug. 05, 2020 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals, Inc. (Nasdaq: XFOR), a leader in the discovery and development of novel therapies targeting diseases resulting from dysfunction of the CXCR4 pathway, today announced that, on August 4, 2020, the Compensation Committee of X4’s Board of Directors issued an inducement award to new employees under the X4 Pharmaceuticals, Inc. 2019 Inducement Equity Incentive Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee of X4. The inducement awards consist of options to purchase an aggregate of 10,700 shares of X4’s common stock and were granted as an inducement material to the new employees entering into employment with X4 in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have a ten-year term and an exercise price of $7.83 per share, which is equal to the closing price of X4’s common stock on August 4, 2020. Each option will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following 36 months, subject to the employee’s continued employment with X4 on such vesting dates. The options are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of an award agreement covering the grant.

About X4 Pharmaceuticals, Inc.
X4 Pharmaceuticals is a late-stage clinical biopharmaceutical company and a leader in the discovery and development of novel therapies for the treatment of diseases resulting from dysfunction of the CXCR4 pathway, with a focus on rare diseases and those with limited treatment options. The Company’s lead candidate, mavorixafor, is a first-in-class, small molecule antagonist of chemokine receptor CXCR4 being developed as a once-daily oral therapy.  X4 believes that inhibition of the CXCR4 receptor creates the potential for mavorixafor to provide therapeutic benefit across a wide variety of diseases, including primary immunodeficiencies and certain types of cancer. The efficacy and safety of mavorixafor, dosed once daily, is currently being evaluated in a global Phase 3 clinical trial in patients with WHIM syndrome, and in two Phase 1b clinical trials – in combination with ibrutinib in patients with Waldenström’s macroglobulinemia, and as monotherapy in patients with Severe Congenital Neutropenia.  X4 is continuing to leverage its insights into CXCR4 biology at its corporate headquarters in Cambridge, Massachusetts and at its research facility in Vienna, Austria, and is discovering and developing additional product candidates. For more information, please visit www.x4pharma.com.

Investors and Media:
Candice Ellis, 857-341-1043
Director, Corporate Communications & Investor Relations
Candice.ellis@x4pharma.com

FAQ

What is the inducement award announced by X4 Pharmaceuticals on August 4, 2020?

X4 Pharmaceuticals announced a total of 10,700 stock options as an inducement award to new employees under its 2019 Inducement Plan, with an exercise price of $7.83 per share.

How does the inducement award benefit X4 Pharmaceuticals?

The inducement award aims to attract new talent and incentivize them to remain with the company through a structured vesting schedule over four years.

What is the exercise price of the stock options awarded by X4 Pharmaceuticals?

The exercise price of the stock options awarded is $7.83 per share, which matches the closing price of X4's common stock on August 4, 2020.

How long is the term for the stock options granted by X4 Pharmaceuticals?

The stock options have a term of ten years from the grant date.

What clinical trials is X4 Pharmaceuticals involved in?

X4 is conducting a Phase 3 trial for its lead candidate, mavorixafor, in patients with WHIM syndrome and two Phase 1b trials in patients with other conditions.