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

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) announced the issuance of inducement awards to new employees under the 2019 Inducement Equity Incentive Plan on June 30, 2021. The awards include options to purchase a total of 10,850 shares at an exercise price of $6.50, equal to the closing price on that date. The options will vest over four years, with 25% vesting after one year. X4 is focused on developing therapies targeting the CXCR4 pathway, including its lead candidate mavorixafor, currently in multiple clinical trials for rare diseases.

Positive

• Inducement awards issued for 10,850 shares may attract talent.
• The exercise price of $6.50 reflects a solid market value.
• Focus on rare diseases with limited treatment options may increase potential market share.

Negative

• None.

BOSTON, July 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 June 30, 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 10,850 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 $6.50 per share, which is equal to the closing price of X4’s common stock on June 30, 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 is the recent announcement by X4 Pharmaceuticals regarding inducement awards?

X4 Pharmaceuticals announced on June 30, 2021, the issuance of inducement awards for new employees consisting of options to purchase 10,850 shares at $6.50 each.

How will the inducement awards for new employees vest?

The options granted will vest over four years, with 25% vesting after 12 months and the remainder vesting monthly over the following 36 months.

What is the significance of the exercise price set for the options at X4 Pharmaceuticals?

The exercise price of $6.50 per share is equal to X4's closing stock price on June 30, 2021, indicating alignment with market value.

What is the primary focus of X4 Pharmaceuticals?

X4 Pharmaceuticals specializes in developing therapies targeting diseases associated with the dysfunction of the CXCR4 pathway, particularly in rare disease markets.