GlycoMimetics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
July 10 2020 - 9:00AM
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 July 6, 2020 of a non-qualified
stock option award to purchase an aggregate of 12,200 shares of its
common stock to a new employee. The options were granted as an
inducement equity award 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 the new employee. The options are
subject to the terms and conditions of a stock option agreement
covering the grant 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 award has an exercise price equal to the
closing price of the Company’s common stock on July 06, 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 biotechnology company with two late-stage
clinical development programs and a pipeline of novel glycomimetic
drugs, all designed to address unmet medical needs resulting from
diseases in which carbohydrate biology plays a key role.
GlycoMimetics' 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 under breakthrough therapy designation.
Rivipansel, a pan-selectin antagonist, is being explored for use in
treatment of acute VOC in SCD. 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
product candidates, including the presentation of data from
preclinical studies and clinical trials. Actual results may differ
materially from those described 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/20200710005249/en/
GlycoMimetics Investor: Shari Annes Phone: 650-888-0902
Email: sannes@annesassociates.com Media: Jamie Lacey-Moreira Phone:
410-299-3310 Email: jamielacey@presscommpr.com
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