X4 Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
X4 Pharmaceuticals (NASDAQ: XFOR) announced on March 31, 2022, that its Board's Compensation Committee issued inducement awards to new employees under the 2019 Inducement Equity Incentive Plan. The inducement awards include options for 92,850 shares of common stock at an exercise price of $1.75, equivalent to the stock's closing price on the grant date. These options vest over four years, contingent on ongoing employment. X4 specializes in CXCR4-targeted therapies aimed at treating immune system disorders, with its lead candidate being mavorixafor, currently in clinical trials.
- Inducement awards issued for 92,850 shares may attract skilled employees.
- Mavorixafor shows potential in treating various immune disorders and has completed Phase 2 trials.
- None.
BOSTON, April 01, 2022 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals, Inc. (Nasdaq: XFOR), a leader in the discovery and development of novel CXCR4-targeted small molecule therapeutics to benefit patients with diseases of the immune system, today announced that, on March 31, 2022 the Compensation Committee of X4’s Board of Directors issued inducement awards 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 92,850 shares of X4’s common stock. These stock awards 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
About X4 Pharmaceuticals, Inc.
X4 Pharmaceuticals is a late-stage clinical biopharmaceutical company leading the discovery and development of novel therapies for people with immune system dysfunction. The company’s lead candidate is mavorixafor, a first-in-class, small molecule antagonist of chemokine receptor CXCR4 that is being developed as a once-daily oral therapy. Due to mavorixafor’s ability to antagonize CXCR4 and improve the healthy maturation and trafficking of white blood cells, X4 believes that mavorixafor has the potential to provide therapeutic benefit across a wide variety of diseases, including primary immunodeficiencies (PIDs) and certain types of cancer. Mavorixafor has already demonstrated clinical potential in a Phase 2 trial in people with WHIM syndrome, a rare PID. Its efficacy and safety continue to be evaluated in a global Phase 3 clinical trial in WHIM (fully enrolled) and in two Phase 1b clinical trials – one, as monotherapy in people with Severe Congenital Neutropenia (SCN) and other chronic neutropenia conditions, and another in combination with ibrutinib in people with Waldenström’s macroglobulinemia, a rare B-cell lymphoma. 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, to discover and develop additional product candidates. For more information, please visit www.x4pharma.com.
Corporate:
Glenn Schulman, PharmD, MPH
VP, IR & Corp Comm
X4 Pharmaceuticals
glenn.schulman@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
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