Zogenix Reports Granting of Inducement Awards

Rhea-AI Summary

Zogenix announced the granting of inducement awards to thirteen non-executive employees on November 15, 2021. These awards, totaling options for 41,130 shares and 21,040 restricted stock units, aim to attract new talent under the company's 2021 Employment Inducement Equity Incentive Award Plan. The options have a ten-year term with an exercise price of $14.84 per share, vesting over four years. Zogenix focuses on developing therapies for rare diseases, notably with FINTEPLA, approved for seizures in Dravet syndrome and with programs in other rare conditions.

Positive

• Inducement awards aim to attract talent, potentially enhancing company performance.
• Zogenix is actively developing therapies for rare diseases, showing growth potential.

Negative

• None.

EMERYVILLE, Calif., Nov. 17, 2021 (GLOBE NEWSWIRE) -- Zogenix (NASDAQ: ZGNX) today announced that the compensation committee of the company’s board of directors granted inducement awards to thirteen (13) new non-executive employees. The awards were made on November 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 41,130 shares of Zogenix common stock and 21,040 restricted stock units. The options have a ten year term and an exercise price equal to $14.84 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 are the details of Zogenix's inducement awards announced on November 17, 2021?

Zogenix announced inducement awards for thirteen new non-executive employees, comprising options for 41,130 shares and 21,040 restricted stock units, granted under its 2021 Employment Inducement Equity Incentive Award Plan.

What is the exercise price of Zogenix's inducement stock options?

The exercise price of the inducement stock options is $14.84 per share.

How long is the vesting period for Zogenix's stock options?

The stock options vest over four years, with 25% vesting after the first year and the remainder vesting monthly thereafter.

What is Zogenix known for regarding its product offerings?

Zogenix is known for developing therapies for rare diseases, including FINTEPLA for Dravet syndrome and ongoing programs for other rare conditions.

When were the inducement awards granted by Zogenix?

The inducement awards were granted on November 15, 2021.