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

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) announced the issuance of inducement equity awards to new employees under its 2019 Inducement Plan on September 30, 2020. These awards comprise options to purchase 30,500 shares of common stock at an exercise price of $6.77 per share, reflecting the closing price on that date. The options, which have a ten-year term, will vest over four years, contingent on the employees' ongoing employment. X4 develops therapies targeting the CXCR4 pathway, focusing on rare diseases, with its lead candidate, mavorixafor, currently in Phase 3 clinical trials.

Positive

• Inducement awards for new employees may attract top talent.
• Vesting schedule encourages employee retention over four years.
• Development of mavorixafor targets significant unmet medical needs.

Negative

• None.

BOSTON, Oct. 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 September 30, 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 30,500 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 $6.77 per share, which is equal to the closing price of X4’s common stock on September 30, 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 Waldenstrom’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 Boston, Massachusetts and at its research facility in Vienna, Austria, and is 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 inducement award by X4 Pharmaceuticals?

X4 Pharmaceuticals issued inducement equity awards consisting of options to purchase 30,500 shares at $6.77 each on September 30, 2020.

How do the options granted by X4 Pharmaceuticals vest?

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

What is X4 Pharmaceuticals' stock symbol?

X4 Pharmaceuticals is traded under the stock symbol XFOR.

What is the purpose of the 2019 Inducement Equity Incentive Plan?

The plan is designed to grant equity awards to new employees who were not previously employed by X4 Pharmaceuticals.

What clinical trials is X4 Pharmaceuticals currently conducting?

X4 is evaluating its lead candidate, mavorixafor, in a global Phase 3 trial for WHIM syndrome and two Phase 1b trials.