PROPHASE LABS, INC. ANNOUNCES INDUCEMENT AWARD UNDER NASDAQ LISTING RULE 5635(C)(4)
November 23 2021 - 4:15PM
ProPhase Labs, Inc. (Nasdaq: PRPH), a diversified biotech and
genomics company, today announced that it has granted an inducement
award to a new employee.
ProPhase granted a stock option to purchase
100,000 shares of common stock to this employee as a material
inducement to his employment. The award was made in accordance with
the employment inducement award exemption provided by Nasdaq Rule
5635(c)(4) and was therefore not awarded under the Company’s
stockholder approved equity plan. The stock option has an exercise
price of $5.76 per share, which is equal to the closing price of
ProPhase’s common stock on November 19, 2021, the grant date of the
option. The shares subject to the stock option will vest over four
years, with 25% of the shares vesting on the grant date, and the
remainder vesting in equal annual installments over the next three
years, subject to the employee's continued employment. The stock
option has a 7-year term and is subject to the terms and conditions
of the stock option agreement.
About ProPhase Labs
ProPhase Labs (Nasdaq: PRPH) (“ProPhase”) is a
diversified biotech and genomics company that seeks to leverage its
CLIA lab services to provide whole genome sequencing and research
direct to consumers and build a genomics data base to be used for
further research. The Company continues to provide traditional CLIA
molecular laboratory services, including COVID-19 testing. ProPhase
Precision Medicine, Inc. focuses on genomics testing technologies,
a comprehensive method for analyzing entire genomes, including the
genes and chromosomes in DNA. The data obtained from genomic
testing can help to identify inherited disorders and tendencies,
help predict disease risk, help identify expected drug response,
and characterize genetic mutations, including those that drive
cancer progression.
ProPhase Diagnostics offers a broad array of
clinical diagnostic and testing services at its CLIA certified
laboratories. ProPhase Diagnostics serves patients who may have
SARS-CoV-2 (COVID-19) through both saliva and nasal swab methods.
Critical to COVID testing, results are provided in under 24 hours.
ProPhase Diagnostics also offers PCR (polymerase chain reaction)
testing for Influenzas A and B and RSV; as well as antigen and
antibody/immunity tests to broaden its COVID-19 testing beyond
RT-PCR testing.
ProPhase Global Healthcare, Inc. was formed to
seek to expand the Company’s SARS-CoV-2 (COVID-19) testing into
other countries and to pursue additional healthcare-related
initiatives.
ProPhase Labs has decades of experience
researching, developing, manufacturing, distributing, marketing,
and selling OTC consumer healthcare products and dietary
supplements, including dietary supplements under the TK
Supplements® brand. ProPhase actively pursues strategic investments
and acquisition opportunities for other companies, technologies,
and products. For more information, visit
www.ProPhaseLabs.com.
Media Relations Contact
Jules AbrahamDirector of Public RelationsCORE
IR917-885-7378julesa@coreir.com
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