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

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) announced on November 1, 2021, that its Compensation Committee granted inducement awards to new employees under the 2019 Inducement Equity Incentive Plan. The awards include options to purchase 11,050 shares of common stock at an exercise price of $4.84 per share, matching the stock's closing price on October 29, 2021. Options vest over four years, with a quarter vesting after one year. X4 focuses on CXCR4-targeted therapies for immune system diseases, with its lead candidate mavorixafor currently undergoing multiple clinical trials.

Positive

• Inducement awards may enhance recruitment efforts by attracting skilled employees.
• The exercise price aligns with the market value, indicating favorable conditions for new hires.

Negative

• None.

BOSTON, Nov. 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 October 29, 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 11,050 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 $4.84 per share, which is equal to the closing price of X4’s common stock on October 29, 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 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 are the details of the inducement awards issued by X4 Pharmaceuticals?

X4 Pharmaceuticals issued inducement awards for options to purchase 11,050 shares at $4.84 each, vesting over four years.

How does the 2019 Inducement Equity Incentive Plan affect X4 Pharmaceuticals?

The plan is designed to attract new employees by granting them equity awards, boosting recruitment and retention.

What is the significance of the $4.84 exercise price for X4 Pharmaceuticals?

The exercise price of $4.84 matches X4's stock closing price on October 29, 2021, indicating a strategic alignment with market conditions.

What is X4 Pharmaceuticals' lead candidate and its focus?

X4's lead candidate, mavorixafor, targets the CXCR4 pathway for treating immune system diseases, currently in several clinical trials.