GlycoMimetics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
17 August 2023 - 1:00PM
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 August 14 , 2023 of a non-qualified
stock option award to purchase an aggregate of 110,000 shares to
Gaetano Bonifacio, M.D., the Company’s new Vice President, Global
Medical Affairs. The award was granted as an inducement equity
award outside of the Company’s Amended and Restated 2013 Equity
Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4)
and was made as an inducement material to the acceptance of
employment with the Company by the new employee.
The award was comprised of an option to purchase 110,000 shares
of the Company’s common stock, par value $0.001 per share (the
“Common Stock”), subject to vesting as to 25% of the
underlying shares on August 14, 2024, and as to the remaining
underlying shares in equal monthly installments over 36 months
thereafter. The option grant has an exercise price of $1.65 per
share, the closing price of the Common Stock on the date of grant,
and is subject to the terms and conditions of a stock option
agreement and the GlycoMimetics, Inc. Amended and Restated
Inducement Plan, which provides for the granting of stock options
and other equity awards to new employees.
About GlycoMimetics, Inc.
GlycoMimetics is a late clinical-stage biotechnology company
discovering and developing glycobiology-based therapies for
cancers, including AML, and for inflammatory diseases. The
company’s science is based on an understanding of the role that
carbohydrates play in cell recognition. Its specialized chemistry
platform is being deployed to discover small molecule drugs--known
as glycomimetics--that alter carbohydrate-mediated recognition in
diverse disease states, including cancers and inflammation. As a
leader in this science, GlycoMimetics leverages this unique
approach to advance its pipeline of wholly-owned drug candidates,
with the goal of developing transformative therapies for diseases
with high unmet medical need. GlycoMimetics is headquartered in
Rockville, MD in the BioHealth Capital Region. Learn more at
www.glycomimetics.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230817735526/en/
Investor Contact: Argot
Partners Leo Vartorella 212-600-1902
Glycomimetics@argotpartners.com
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