Zafgen Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
October 12 2017 - 05:00PM
Zafgen, Inc. (Nasdaq:ZFGN), a clinical-stage biopharmaceutical
company dedicated to significantly improving the health and
well-being of patients affected by metabolic diseases, today
announced that on October 9, 2017 the Company granted Jeffrey
Hatfield, the Company’s Chief Executive Officer, (i) an option to
purchase 550,000 shares of the Company’s common stock, with 25% of
the option shares vesting on the first anniversary of Mr.
Hatfield’s employment start date and the balance vesting in equal
monthly installments over the next three years, subject to his
continued service to the Company through each vesting date (“Option
1”), and (ii) an additional option to purchase 1,100,000 shares of
the Company’s common stock, with such option shares vesting in
accordance with certain stock price appreciation and other
financial performance goals set forth in Mr. Hatfield’s offer
letter with the Company (“Option 2,” and together with Option 1,
the “Hatfield Options”). The Hatfield Options were made as a
material inducement to Mr. Hatfield’s acceptance of employment with
the Company in accordance with NASDAQ Listing Rule
5635(c)(4).
About Zafgen
Zafgen (Nasdaq:ZFGN) is a biopharmaceutical
company dedicated to significantly improving the health and
well-being of patients affected by metabolic diseases including
type 2 diabetes and obesity. Zafgen is focused on developing novel
therapeutics that treat the underlying biological mechanisms of
metabolic diseases through the MetAP2 pathway. The Company has
pioneered the study of MetAP2 inhibitors in both common and rare
forms of obesity, and in patients affected by type 2 diabetes.
Zafgen’s lead product candidate is ZGN-1061, a fumagillin-class,
injectable small molecule second generation MetAP2 inhibitor that
was advanced into development due to its unique properties that
maximize impact on metabolic parameters relevant to the treatment
of type 2 diabetes and other related metabolic disorders. The
Company recently completed its first Phase 1 clinical trial of
ZGN-1061, and is in Phase 2 clinical testing in patients with type
2 diabetes. Zafgen holds exclusive worldwide rights for the
development and commercialization of ZGN-1061. The Company aspires
to improve the lives of patients through targeted treatments and
has assembled a team accomplished in bringing therapies to patients
affected by metabolic diseases.
Safe Harbor Statement
Various statements in this release
concerning Zafgen's future expectations, plans and
prospects, including without
limitation, Zafgen's expectations regarding the use of
ZGN-1061 and other second-generation MetAP2 inhibitors as
treatments for metabolic diseases including type 2 diabetes and
obesity and Zafgen's expectations with respect to the
timing and success of its preclinical studies and clinical trials
of ZGN-1061 and its other product candidates, may constitute
forward-looking statements for the purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995 and other federal securities laws. Forward-looking statements
can be identified by terminology such as "anticipate," "believe,"
"could," "could increase the likelihood," "estimate," "expect,"
"intend," "is planned," "may," "should," "will," "will enable,"
"would be expected," "look forward," "may provide," "would" or
similar terms, variations of such terms or the negative of those
terms. Actual results may differ materially from those indicated by
these forward-looking statements as a result of various important
factors, including, without limitation, Zafgen's ability
to successfully demonstrate the efficacy and safety of ZGN-1061 and
its other product candidates and to differentiate ZGN-1061 and its
other product candidates from first generation MetAP2 inhibitors,
such as beloranib, the preclinical and clinical results for
ZGN-1061 and its other product candidates, which may not support
further development and marketing approval, actions of regulatory
agencies, which may affect the initiation, timing and progress of
preclinical studies and clinical trials of its product candidates,
Zafgen's ability to obtain, maintain and protect its
intellectual property, Zafgen's ability to enforce its
patents against infringers and defend its patent portfolio against
challenges from third parties, competition from others developing
products for similar uses, Zafgen's ability to manage
operating expenses, Zafgen's ability to obtain additional
funding to support its business activities and establish and
maintain strategic business alliances and new business initiatives
when needed, Zafgen's dependence on third parties for
development, manufacture, marketing, sales and distribution of
product candidates, the outcome of litigation, and unexpected
expenditures, as well as those risks more fully discussed in the
section entitled "Risk Factors" in Zafgen's most recent
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission, as well as discussions of potential risks,
uncertainties, and other important factors
in Zafgen's subsequent filings with the Securities
and Exchange Commission. In addition, any forward-looking
statements represent Zafgen's views only as of today and
should not be relied upon as representing its views as of any
subsequent date. Zafgen explicitly disclaims any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Media/Investor Relations
Contact:
Zafgen, Inc.Patricia AllenChief Financial
Officer617-648-9792
Argot PartnersInvestor RelationsLaura Perry or
Mary
Jenkins212-600-1902laura@argotpartners.commary@argotpartners.com
Spectrum ScienceMedia RelationsMichelle
Strier202-587-2582mstrier@spectrumscience.com
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