Inozyme Pharma Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
03 August 2023 - 10:01PM
Inozyme Pharma, Inc. (Nasdaq: INZY), a
clinical-stage rare disease biopharmaceutical company developing
novel therapeutics for the treatment of pathologic mineralization
and intimal proliferation, today announced that the Company granted
stock options to new employees to purchase shares of the Company’s
common stock, pursuant to the Company’s 2023 Inducement Stock
Incentive Plan, each as an inducement material to the new employees
entering into employment with the Company in accordance with Nasdaq
Listing Rule 5635(c)(4).
The Company’s compensation committee granted nonstatutory stock
options to purchase up to an aggregate of 136,000 shares of the
Company’s common stock to three new employees on August 1, 2023, at
an exercise price of $5.02 per share, the closing price of per
share of the Company’s common stock as reported by Nasdaq on August
1, 2023. The options have a ten-year term and vest over four years,
with 25% of the original number of shares vesting on the first
anniversary of the applicable employee’s start date and 2.0833% of
the shares underlying the option vesting monthly thereafter,
subject to such employee’s continued service to the Company through
the applicable vesting dates.
About Inozyme Pharma
Inozyme Pharma, Inc. is a clinical-stage rare disease
biopharmaceutical company developing novel therapeutics for the
treatment of diseases impacting the vasculature, soft tissue and
skeleton. Inozyme is developing INZ-701, an enzyme replacement
therapy, to address pathologic mineralization and intimal
proliferation which can drive morbidity and mortality in these
severe diseases. INZ-701 is currently in clinical trials for the
treatment of ENPP1 Deficiency and ABCC6 Deficiency.
For more information, please visit www.inozyme.com and
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ContactsInvestors:Inozyme PharmaStefan Riley,
Director of IR and Corporate Communications(857)
330-8871stefan.riley@inozyme.com
Media:SmithSolveMatt Pera(973)
886-9150matt.pera@smithsolve.com
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