GlycoMimetics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
April 06 2020 - 04:15PM
Business Wire
GlycoMimetics, Inc. (the “Company”) (NASDAQ:GLYC) today
announced that the compensation committee of the Company’s Board of
Directors approved the grant on April 1, 2020 of non-qualified
stock option awards to purchase an aggregate of 40,600 shares of
its common stock to two new employees. The options were granted as
inducement equity awards outside of the Company’s 2013 Equity
Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4),
and were made as an inducement material to the acceptance of
employment with the Company by each of the new employees. The
options are subject to the terms and conditions of stock option
agreements covering the respective grants and the GlycoMimetics,
Inc. Inducement Plan, which was adopted January 22, 2020 and
provides for the granting of stock options to new employees.
The stock option awards have an exercise price equal to the
closing price of the Company’s common stock on April 1, 2020. The
options have a ten-year term and vest over four years, with
one-fourth of the shares vesting one year after the grant date, and
the balance of the shares vesting in a series of thirty-six
successive equal monthly installments measured from the first
anniversary of the grant date, subject to the new employee’s
continued service with the Company through the applicable vesting
dates.
About GlycoMimetics, Inc.
GlycoMimetics is a clinical-stage biotechnology company focused
on the discovery and development of novel glycomimetic drugs to
address unmet medical needs resulting from diseases in which
carbohydrate biology plays a key role. GlycoMimetics’ wholly-owned
drug candidate, uproleselan, an E-selectin antagonist, was
evaluated in a Phase 1/2 clinical trial as a potential treatment
for AML and is being evaluated across a range of patient
populations including a Company-sponsored Phase 3 trial in
relapsed/refractory AML. GlycoMimetics has also completed a Phase 1
clinical trial with another wholly-owned drug candidate, GMI-1359,
a combined CXCR4 and E-selectin antagonist. GlycoMimetics is
located in Rockville, MD in the BioHealth Capital Region. Learn
more at www.glycomimetics.com.
Forward-Looking Statements
This press release contains forward-looking statements regarding
the clinical development and potential benefits and impact of the
Company’s drug candidates. These forward-looking statements include
those relating to the planned clinical development of the Company’s
wholly-owned product candidates. Actual results may differ
materially from those in these forward-looking statements. For a
further description of the risks associated with these statements,
as well as other risks facing GlycoMimetics, please see the risk
factors described in the Company’s annual report on Form 10-K filed
with the U.S. Securities and Exchange Commission (SEC) on February
28, 2020, and other filings GlycoMimetics makes with the SEC from
time to time. Forward-looking statements speak only as of the date
of this release, and GlycoMimetics undertakes no obligation to
update or revise these statements, except as may be required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200406005738/en/
Investor Contact: Shari Annes Phone: 650-888-0902 Email:
sannes@annesassociates.com
Media Contact: Jamie Lacey-Moreira Phone: 410-299-3310 Email:
jamielacey@presscommpr.com
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