Zogenix Reports Granting of Inducement Awards

Rhea-AI Summary

Zogenix (NASDAQ: ZGNX) granted inducement awards to 34 new non-executive employees on October 15, 2021. These awards, part of the company’s Employment Inducement Equity Incentive Award Plan, include options for 75,480 shares and 37,790 restricted stock units. The options have a 10-year term with an exercise price of $15.77 and vest over four years. Zogenix is committed to developing therapies for rare diseases, with its first product FINTEPLA approved for Dravet syndrome and additional programs underway for other rare conditions.

Positive

• Inducement awards granted to 34 new employees may boost talent acquisition.
• The initiation of new stock options demonstrates commitment to employee retention.

Negative

• None.

EMERYVILLE, Calif., Oct. 19, 2021 (GLOBE NEWSWIRE) -- Zogenix (NASDAQ: ZGNX) today announced that the compensation committee of the company’s board of directors granted inducement awards to thirty-four (34) new non-executive employees. The awards were made on October 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 75,480 shares of Zogenix common stock and 37,790 restricted stock units. The options have a ten year term and an exercise price equal to $15.77, 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 equity awards did Zogenix grant to new employees on October 15, 2021?

Zogenix granted options to purchase 75,480 shares and 37,790 restricted stock units as part of its inducement awards.

What is the exercise price of the stock options awarded by Zogenix?

The exercise price for the stock options is $15.77, which is the closing price on the grant date.

How long is the term for the options granted by Zogenix?

The options have a term of 10 years from the grant date.

What is the purpose of Zogenix's Employment Inducement Equity Incentive Award Plan?

The plan is designed to incentivize new employees to join the company by granting them equity awards.