GlycoMimetics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
September 04 2020 - 9:00AM
Business Wire
GlycoMimetics, Inc. (the “Company”) (NASDAQ:GLYC) today
announced that on August 14, 2020 the compensation committee of the
Company’s Board of Directors approved the grant of non-qualified
stock option awards to purchase an aggregate of 47,800 shares of
its common stock to three new employees. 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 each new employee. The options are
subject to the terms and conditions of a stock option agreement
covering each applicable grant and the GlycoMimetics, Inc.
Inducement Plan, which was adopted January 22, 2020 and provides
for the granting of stock options to new employees.
Each stock option award has an exercise price equal to the
closing price of the Company’s common stock on the date of initial
employment for each employee. 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
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Words such as "may," "will," "expect," "anticipate,"
"estimate," "intend," and similar expressions (as well as other
words or expressions referencing future events, conditions, or
circumstances) are intended to identify forward-looking statements.
These forward-looking statements may 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/20200904005295/en/
GlycoMimetics Contacts 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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