Zogenix Reports Granting of Inducement Awards

Rhea-AI Summary

Zogenix (NASDAQ: ZGNX) announced on September 15, 2021, that its compensation committee granted inducement awards to 14 new employees under the 2021 Employment Inducement Equity Incentive Award Plan. These awards include options to purchase 45,100 shares of common stock and 22,600 restricted stock units, with options priced at $14.69 per share. The options vest over four years, starting with a 25% vesting on the first anniversary, followed by monthly vesting. Zogenix focuses on therapies for rare diseases, including FINTEPLA, approved for treating Dravet syndrome.

Positive

• Inducement awards granted to 14 new employees, enhancing talent acquisition.
• Awards include options for 45,100 shares and 22,600 restricted stock units, aligning employee interests with shareholder value.
• Zogenix is committed to rare disease therapies, with successful FDA and EMA-approved products.

Negative

• None.

EMERYVILLE, Calif., Sept. 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 (14) new employees. The awards were made on September 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 45,100 shares of Zogenix common stock and 22,600 restricted stock units. The options have a ten year term and an exercise price equal to $14.69, the closing price per share of the common stock on the grant date, 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 is the significance of the inducement awards granted by Zogenix on September 15, 2021?

The inducement awards aim to attract and retain talent, offering equity incentives to 14 new employees under the 2021 Equity Incentive Award Plan.

What does the inducement award consist of for new employees at Zogenix?

The inducement award includes options to purchase 45,100 shares at an exercise price of $14.69 and 22,600 restricted stock units.

How do the stock options awarded to new employees at Zogenix vest?

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

What is Zogenix's focus in the biopharmaceutical industry?

Zogenix is focused on developing and commercializing therapies for rare diseases, including treatments for epilepsy and mitochondrial disorders.