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

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) announced on March 31, 2021, that its Board's Compensation Committee granted inducement awards under the 2019 Inducement Equity Incentive Plan. The awards consist of options to purchase a total of 58,000 shares at an exercise price of $8.61 per share, matching the stock's closing price on the grant date. These options will vest over four years, helping attract new employees to the company. X4 focuses on developing therapies targeting diseases related to the CXCR4 pathway, with its lead candidate being mavorixafor.

Positive

• Granting of 58,000 stock options to new employees enhances talent acquisition.
• Options have a favorable exercise price of $8.61, aligning with market value.

Negative

• None.

BOSTON, April 01, 2021 (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 March 31, 2021, 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 58,000 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 $8.61 per share, which is equal to the closing price of X4’s common stock on March 31, 2021. 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 Boston, 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:
Daniel Ferry
Managing Director
LifeSci Advisors
daniel@lifesciadvisors.com                      
(617) 430-7576

Mónica Rouco Molina
Senior Account Executive
LifeSci Communications
mroucomolina@lifescicomms.com 

FAQ

What are the details of the stock options granted by X4 Pharmaceuticals on March 31, 2021?

X4 Pharmaceuticals issued 58,000 stock options with an exercise price of $8.61, vesting over four years.

How does the inducement award by X4 Pharmaceuticals affect their workforce?

The inducement award aims to attract new employees, aligning their interests with the company's performance.

What is the purpose of the 2019 Inducement Equity Incentive Plan at X4 Pharmaceuticals?

The plan is designed to grant equity awards to individuals who were not previously employed by X4, facilitating talent acquisition.

What is X4 Pharmaceuticals’ lead candidate and its focus?

X4's lead candidate is mavorixafor, targeting diseases caused by dysfunction of the CXCR4 pathway.