Zogenix Reports Granting of Inducement Awards

Rhea-AI Summary

Zogenix announced the granting of inducement awards to fourteen new employees on August 15, 2021. The compensation committee approved these awards under the company’s 2021 Employment Inducement Equity Incentive Award Plan. The total awards include options to purchase 34,580 shares of Zogenix common stock at an exercise price of $13.75 and 17,340 restricted stock units. The options vest over four years, with 25% vesting annually. Zogenix is focused on developing therapies for rare diseases, including its FDA-approved therapy FINTEPLA for Dravet syndrome.

Positive

• Inducement awards granted to attract new talent.
• Options to purchase shares at an exercise price of $13.75, aligning employee interests with shareholders.
• Investment in human capital through inducement awards enhances growth potential.

Negative

• None.

EMERYVILLE, Calif., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Zogenix (NASDAQ: ZGNX) today announced that the compensation committee of the company’s board of directors granted inducement awards to fourteen new employees. The awards were made on August 15, 2021, under Zogenix’s 2021 Employment Inducement Equity Incentive Award Plan, which was approved by the company’s board of directors under Nasdaq Marketplace Rule 5635(c)(4), for granting equity awards to new employees of Zogenix as an inducement to join the company. The awards consist of options to purchase an aggregate of 34,580 shares of Zogenix common stock and 17,340 restricted stock units. The options have a ten year term and an exercise price equal to $13.75, the closing price per share of the common stock on August 13, 2021, and vest over a four-year period, with 25% of the options vesting on the first anniversary of each employee’s respective start date and the remainder vesting in equal monthly installments over the three years thereafter. The restricted stock units vest over a four-year period in four equal annual installments beginning on the first anniversary of the vesting commencement date. 

About Zogenix
Zogenix is a global biopharmaceutical company committed to developing and commercializing therapies with the potential to transform the lives of patients and their families living with rare diseases. The company’s first rare disease therapy, FINTEPLA^® (fenfluramine) oral solution, has been approved by the U.S. FDA and the European Medicines Agency and is in development in Japan for the treatment of seizures associated with Dravet syndrome, a rare, severe lifelong epilepsy. The company has two additional late-stage development programs: one in a rare epilepsy called Lennox-Gastaut syndrome and one in a mitochondrial disease called TK2 deficiency. Zogenix also plans to initiate a study of FINTEPLA in a genetic epilepsy called CDKL5 Deficiency Disorder (CDD) and is collaborating with Tevard Biosciences to identify and develop potential next-generation gene therapies for Dravet syndrome and other genetic epilepsies.

CONTACTS:

Zogenix
Corporate Communications
corpcomms@zogenix.com 

Investors
Brian Ritchie 
Managing Director, LifeSci Advisors LLC
+1 (212) 915-2578 | britchie@lifesciadvisors.com  

Media
Trish McCall
Porter Novelli
+1 (805) 390-3279
trish.mcall@porternovelli.com

 

FAQ

What are the details of Zogenix's recent inducement awards?

On August 15, 2021, Zogenix granted inducement awards comprising options to purchase 34,580 shares at $13.75, and 17,340 restricted stock units.

How long is the vesting period for Zogenix's inducement awards?

The options vest over four years, with 25% vesting on the first anniversary and the remainder vesting in monthly installments.

Which plan were the Zogenix inducement awards granted under?

The awards were granted under the 2021 Employment Inducement Equity Incentive Award Plan.

What is Zogenix known for?

Zogenix is a biopharmaceutical company focused on developing therapies for rare diseases, including the FDA-approved FINTEPLA for Dravet syndrome.

How does Zogenix's inducement award impact shareholders?

Inducement awards are designed to attract key talent, potentially enhancing company performance and shareholder value.