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

Rhea-AI Summary

X4 Pharmaceuticals, Inc. (Nasdaq: XFOR) announced on December 1, 2021, that its Compensation Committee granted inducement awards to new employees. These awards include options for 17,000 shares and restricted stock units for 25,000 shares under the 2019 Inducement Equity Incentive Plan. The options have a ten-year term with an exercise price of $4.45 per share, vesting over four years. X4 focuses on developing CXCR4-targeted therapies, notably mavorixafor, which is undergoing clinical trials for various immune system diseases.

Positive

• Inducement awards granted to new employees signal company growth and recruitment effort.
• Options and restricted stock units may enhance employee retention and alignment with company performance.

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• None.

BOSTON, Dec. 01, 2021 (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 November 30, 2021, 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 17,000 shares of X4’s common stock and restricted stock units covering 25,000 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 $4.45 per share, which is equal to the closing price of X4’s common stock on November 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.

The Restricted stock units vest over four years, with 25% of the shares vesting annually on each of the first, second, third, and fourth anniversary dates of the grant, subject to the employees’ continued employment with X4 on such vesting dates. The restricted stock units are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of a restricted stock unit 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 of the immune system via antagonism 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 number of clinical trials, including 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 (SCN) and other chronic neutropenia disorders. 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.

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 inducement awards did X4 Pharmaceuticals grant on November 30, 2021?

X4 Pharmaceuticals granted inducement awards including options for 17,000 shares and 25,000 restricted stock units to new employees.

What is the exercise price for the options granted by X4 Pharmaceuticals?

The exercise price for the options is $4.45 per share, equal to the closing price of X4's stock on November 30, 2021.

How long is the term for the options granted to new employees at X4 Pharmaceuticals?

The options have a ten-year term.

What is the vesting schedule for the options awarded by X4 Pharmaceuticals?

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

What is X4 Pharmaceuticals' primary focus in drug development?

X4 Pharmaceuticals focuses on developing therapies targeting the CXCR4 pathway for diseases of the immune system.