Vaxart, Inc. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
March 20 2024 - 8:00AM
Vaxart, Inc. (Nasdaq: VXRT) (the “Company” or “Vaxart”) today
announced that the Compensation Committee of the Board of Directors
approved certain equity awards to the Company’s new President and
Chief Executive Officer, Steven Lo, effective March 18, 2024. The
awards were made pursuant to the Company’s previously disclosed
offer letter with Mr. Lo, and as a material inducement to his
joining the Company as President and Chief Executive Officer and a
member of the Board of Directors.
The awards made to Mr.
Lo are as follows: (i) an option to purchase 1,000,000 shares of
Vaxart’s common stock, which vests as to 1/4th of the total shares
on the one-year anniversary of his start date, and as to 1/48th of
the total shares on each month thereafter, and has a per share
exercise price equal to the closing price of Vaxart’s common stock
on the grant date; and (ii) a restricted stock unit award covering
250,000 shares of Vaxart’s common stock, which vests as to 25% of
the shares underlying the award on the first, second, third and
fourth anniversary of his start date.
The awards were
granted under the Vaxart, Inc. 2024 Inducement Award Plan as an
employment “inducement award” pursuant to Nasdaq Listing Rule
5635(c)(4). The Inducement Plan is used exclusively for the grant
of equity awards to individuals who were not previously employees
of Vaxart (or following a bona fide period of non-employment) as an
inducement material to entering into employment with Vaxart.
About
VaxartVaxart is a clinical-stage biotechnology company
developing a range of oral recombinant vaccines based on its
proprietary delivery platform. Vaxart vaccines are designed to be
administered using pills that can be stored and shipped without
refrigeration and to eliminate the risk of needle-stick injury.
Vaxart believes that its proprietary pill vaccine delivery platform
is suitable to deliver recombinant vaccines, positioning the
company to develop oral versions of currently marketed vaccines and
to design recombinant vaccines for new indications. Vaxart’s
development programs currently include pill vaccines designed to
protect against coronavirus, norovirus and influenza, as well as a
therapeutic vaccine for human papillomavirus (HPV), Vaxart’s first
immune-oncology indication. Vaxart has filed broad domestic and
international patent applications covering its proprietary
technology and creations for oral vaccination using adenovirus and
TLR3 agonists.
Note Regarding
Forward-Looking Statements
This press release
contains forward-looking statements that involve substantial risks
and uncertainties. All statements, other than statements of
historical facts, included in this press release regarding Vaxart’s
strategy, prospects, plans and objectives, results from preclinical
and clinical trials and the timing of such results, and beliefs and
expectations of management are forward-looking statements. These
forward-looking statements may be accompanied by such words as
“should,” “believe,” “could,” “potential,” “will,” “expected,”
“anticipate,” “plan,” and other words and terms of similar meaning.
Examples of such statements include, but are not limited to,
statements relating to Vaxart’s expectations with respect to the
management transition; Vaxart’s ability to develop and
commercialize its product candidates, including its vaccine booster
products; Vaxart’s expectations regarding clinical results and
trial data, and the timing of receiving and reporting such clinical
results and trial data; and Vaxart’s expectations with respect to
the effectiveness of its product candidates. Vaxart may not
actually achieve the plans, carry out the intentions, or meet the
expectations or projections disclosed in the forward-looking
statements, and you should not place undue reliance on these
forward-looking statements. Actual results or events could differ
materially from the plans, intentions, expectations, and
projections disclosed in the forward-looking statements. Various
important factors could cause actual results or events to differ
materially from the forward-looking statements that Vaxart makes,
including uncertainties inherent in research and development,
including the ability to meet anticipated clinical endpoints,
commencement, and/or completion dates for clinical trials,
regulatory submission dates, regulatory approval dates, and/or
launch dates, as well as the possibility of unfavorable new
clinical data and further analyses of existing clinical data; the
risk that clinical trial data are subject to differing
interpretations and assessments by regulatory authorities; whether
regulatory authorities will be satisfied with the design of and
results from the clinical studies; decisions by regulatory
authorities impacting labeling, manufacturing processes, and safety
that could affect the availability or commercial potential of any
product candidate, including the possibility that Vaxart’s product
candidates may not be approved by the FDA or non-U.S. regulatory
authorities; that, even if approved by the FDA or non-U.S.
regulatory authorities, Vaxart’s product candidates may not achieve
broad market acceptance; that a Vaxart collaborator may not attain
development and commercial milestones; that Vaxart or its partners
may experience manufacturing issues and delays due to events
within, or outside of, Vaxart’s or its partners’ control;
difficulties in production, particularly in scaling up initial
production, including difficulties with production costs and
yields, quality control, including stability of the product
candidate and quality assurance testing, shortages of qualified
personnel or key raw materials, and compliance with strictly
enforced federal, state, and foreign regulations; that Vaxart may
not be able to obtain, maintain, and enforce necessary patent and
other intellectual property protection; that Vaxart’s capital
resources may be inadequate; Vaxart’s ability to resolve pending
legal matters; Vaxart’s ability to obtain sufficient capital to
fund its operations on terms acceptable to Vaxart, if at all; the
impact of government healthcare proposals and policies; competitive
factors; and other risks described in the “Risk Factors” sections
of Vaxart’s Quarterly and Annual Reports filed with the SEC. Vaxart
does not assume any obligation to update any forward-looking
statements, except as required by law.
Contacts
Vaxart Media Relations: |
Mark Herr |
Vaxart, Inc. |
mherr@vaxart.com |
(203) 517-8957 |
Investor Relations: |
Andrew Blazier |
FINN Partners |
IR@vaxart.com |
(646) 871-8486 |
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