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

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) announced an inducement award for new employees on May 29, 2020, as part of its 2019 Inducement Equity Incentive Plan. A total of 55,200 options to purchase common stock at an exercise price of $8.52 per share were granted. These options vest over four years, with 25% vesting after the first year and the remainder vesting monthly thereafter, contingent on continued employment. X4 is known for developing therapies targeting CXCR4 pathway dysfunction, focusing on rare diseases, with its lead candidate, mavorixafor, currently in Phase 3 trials.

Positive

• Inducement award of options for 55,200 shares to attract new talent.
• Options have a ten-year term and a competitive exercise price of $8.52.
• Vesting schedule promotes employee retention over four years.
• X4's development of mavorixafor presents growth opportunities in rare disease treatment.

Negative

• None.

CAMBRIDGE, Mass., June 01, 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 May 29, 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 55,200 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 $8.52 per share, which is equal to the closing price of X4’s common stock on May 29, 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 (SCN). 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 recent stock option grant by X4 Pharmaceuticals (XFOR)?

On May 29, 2020, X4 Pharmaceuticals issued an inducement award consisting of options to purchase 55,200 shares at $8.52 each.

What is the vesting schedule for X4 Pharmaceuticals' recent stock options?

The options vest over four years, with 25% vesting after 12 months and the remaining shares vesting monthly.

How does X4 Pharmaceuticals' inducement award impact its stock?

The inducement award aims to attract and retain talent, which may positively impact the company's performance and stock value.

What is the focus of X4 Pharmaceuticals' clinical development?

X4 Pharmaceuticals focuses on developing therapies targeting the CXCR4 pathway and is currently evaluating its lead candidate, mavorixafor, in Phase 3 trials.

What is the significance of the stock options granted by X4 Pharmaceuticals?

The stock options are part of an equity incentive plan to attract new employees, which can enhance the company's growth and innovation.