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

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) announced on November 30, 2020, that its Compensation Committee granted an inducement award to new employees under the 2019 Inducement Equity Incentive Plan. This includes options to purchase 125,950 shares of common stock at $6.60 each, the closing price on that day. Options will vest over four years, with 25% vesting after the first year. X4 focuses on therapies targeting CXCR4 pathway dysfunction, with its lead candidate mavorixafor undergoing clinical trials for various conditions, including WHIM syndrome.

Positive

• Inducement award of options for 125,950 shares can attract talent.
• Shares priced at $6.60 reflect current market value.

Negative

• No immediate financial metrics or projections provided post-award.

BOSTON, Dec. 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 November 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 125,950 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 $6.60 per share, which is equal to the closing price of X4’s common stock on November 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 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:
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 purpose of the inducement award issued by X4 Pharmaceuticals?

The inducement award aims to attract and retain new employees by offering them stock options.

How many shares were included in the inducement award by X4 Pharmaceuticals?

The inducement award included options to purchase a total of 125,950 shares.

What is the exercise price for the options granted to new employees at X4 Pharmaceuticals?

The exercise price for the options is $6.60 per share.

What is the vesting schedule for the options granted to new employees at X4?

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

Which clinical trials is X4 Pharmaceuticals currently conducting?

X4 is conducting Phase 3 trials for mavorixafor in WHIM syndrome and Phase 1b trials in other conditions.