Longboard Pharmaceuticals Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
November 03 2023 - 4:01PM
Business Wire
Longboard Pharmaceuticals, Inc. (Nasdaq: LBPH), a clinical-stage
biopharmaceutical company focused on developing novel,
transformative medicines for neurological diseases, today announced
the grant of inducement awards to one new employee. The
Compensation Committee of the Board of Directors of Longboard
approved the grant of non-qualified stock options to purchase an
aggregate of 58,520 shares of its common stock (the “Common Stock”)
as inducements material to the employee entering into employment
with the Company in accordance with Nasdaq Listing Rule
5635(c)(4).
The stock options were granted on October 31, 2023 (the “Grant
Date”) and have an exercise price of $5.415 per share, which is
equal to the closing price of the Common Stock on the Grant Date.
All of the stock options will vest and become exercisable as to 25%
of the underlying shares of Common Stock on the one-year
anniversary of the applicable employee’s start date of employment,
and will vest and become exercisable as to the remaining 75% of the
underlying shares of Common Stock in 36 equal monthly installments
thereafter on each monthly anniversary, subject to the applicable
employee’s continued employment with Longboard on each such vesting
date. The stock options were granted as an inducement material to
the employee entering into employment with Longboard in accordance
with Nasdaq Listing Rule 5635(c)(4), and are subject to the terms
and conditions of the applicable award agreement covering such
grant.
ABOUT LONGBOARD PHARMACEUTICALS
Longboard Pharmaceuticals, Inc. is a clinical-stage
biopharmaceutical company focused on developing novel,
transformative medicines for neurological diseases. Longboard is
working to advance a portfolio of centrally acting product
candidates designed to be highly selective for specific G
protein-coupled receptors (GPCRs). Longboard’s small molecule
product candidates are based on more than 20 years of GPCR
research. Longboard is evaluating LP352, an oral, centrally acting
5-hydroxytryptamine 2C (5-HT2C) receptor superagonist, with no
observed impact on 5-HT2B and 5-HT2A receptor subtypes. LP352 is
currently in a Phase 1b/2a clinical trial, the PACIFIC Study,
evaluating participants ages 12 to 65 years old with a broad range
of Developmental and Epileptic Encephalopathies (DEEs), including
Lennox-Gastaut syndrome, Dravet syndrome and other DEEs. Enrollment
was completed in the summer of 2023, and topline data are expected
in January 2024. Longboard is also evaluating LP659, an oral,
centrally acting, sphingosine-1-phosphate (S1P) receptor subtypes 1
and 5 modulator, which is in development for the potential
treatment of rare neuroinflammatory conditions. Longboard expects
to initiate dosing in a Phase 1 single-ascending dose (SAD)
clinical trial for LP659 in healthy volunteers later this year.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties. In
some cases, you can identify forward-looking statements by words
such as “will”, “upcoming”, “focus”, “working to”, “designed to”,
“expect”, “January 2024”, “later this year”, or the negative,
plural or other tenses of these words or other comparable language,
and they may include, without limitation, statements about the
following: the vesting of stock options; continued employment of
newly hired Longboard employees; Longboard’s clinical and
preclinical product candidates and programs, including their
advancement, timing of initiating dosing in clinical trials, timing
of topline data from clinical trials, characteristics of clinical
trial participants, their potential (including to be highly
selective and the numbers and types of conditions they may
address), and their design and characteristics; Longboard’s ability
to develop product candidates and deliver medicines; and
Longboard’s focus and work. For such statements, Longboard claims
the protection of the Private Securities Litigation Reform Act of
1995. Actual events or results may differ materially from
Longboard’s expectations. Factors that could cause actual results
to differ materially from those stated or implied by Longboard’s
forward-looking statements include, but are not limited to, the
following: risks related to Longboard’s limited operating history,
financial position and need for additional capital; Longboard will
need additional managerial and financial resources to advance all
of its programs, and you and others may not agree with the manner
Longboard allocates its resources; risks related to the development
and commercialization of Longboard’s product candidates;
Longboard’s product candidates are in the early phases of a lengthy
research and development process, the timing, manner and outcome of
research, development and regulatory review is uncertain, and
Longboard’s product candidates may not advance in research or
development or be approved for marketing; enrolling participants in
Longboard’s ongoing and intended clinical trials is competitive and
challenging; PACIFIC Study participants’ diagnoses are as of time
of screening and are subject to change; macroeconomic events
stemming from the COVID-19 pandemic or evolving geopolitical
developments such as the conflicts in Ukraine and the Middle East,
including but not limited to the impact on Longboard’s clinical
trials and operations, the operations of Longboard’s suppliers,
partners, collaborators, and licensees, and capital markets, which
in each case remains uncertain; risks related to unexpected or
unfavorable new data; nonclinical and clinical data is voluminous
and detailed, and regulatory agencies may interpret or weigh the
importance of data differently and reach different conclusions than
Longboard or others, request additional information, have
additional recommendations or change their guidance or requirements
before or after approval; results of clinical trials and other
studies are subject to different interpretations and may not be
predictive of future results; topline data may not accurately
reflect the complete results of a particular study or trial; risks
related to relying on licenses or collaborative arrangements; other
risks related to Longboard’s dependence on third parties;
competition; product liability or other litigation or disagreements
with others; government and third-party payor actions, including
relating to reimbursement and pricing; risks related to regulatory
compliance; and risks related to Longboard’s and third parties’
intellectual property rights. Additional factors that could cause
actual results to differ materially from those stated or implied by
Longboard’s forward-looking statements are disclosed in Longboard’s
filings with the Securities and Exchange Commission (SEC). These
forward-looking statements represent Longboard’s judgment as of the
time of this release. Longboard disclaims any intent or obligation
to update these forward-looking statements, other than as may be
required under applicable law.
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CORPORATE CONTACT: Megan E. Knight Head of Investor
Relations IR@longboardpharma.com 858.789.9283
Longboard Pharmaceuticals (NASDAQ:LBPH)
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