Chimerix Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Chimerix (NASDAQ:CMRX) has announced that its Compensation Committee granted inducement awards to three new employees on December 2, 2024. The awards consist of non-statutory stock options to purchase up to 385,000 shares of common stock. The options have a 10-year term with an exercise price equal to Chimerix's closing trading price on the grant date.

The vesting schedule spans four years, with 25% vesting after the first year and the remaining 75% vesting monthly over the following three years. While subject to the terms of Chimerix's 2024 Equity Incentive Plan, these grants were made outside of it. The company, focused on developing medicines for deadly diseases, is currently advancing dordaviprone (ONC201) for H3 K27M-mutant glioma and conducting Phase 1 studies of ONC206.

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DURHAM, N.C., Dec. 06, 2024 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ:CMRX), today announced that on December 2, 2024, the Compensation Committee of Chimerix’s Board of Directors granted inducement awards to three new employees of non-statutory stock options to purchase up to a total of 385,000 shares of Chimerix’s common stock. The Compensation Committee of Chimerix’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing rule 5635(c)(4).

The stock options have an exercise price per share equal to Chimerix’s closing trading price as of the grant date. The stock options have a 10-year term and will vest over four years, with one-fourth vesting on the one-year anniversary of the date of hire and the remaining three-fourths vesting over the following three years in equal monthly installments. The stock options are subject to the terms of Chimerix’s 2024 Equity Incentive Plan but were granted outside of the 2024 Equity Incentive Plan.

Chimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company’s most advanced clinical-stage development program, dordaviprone (ONC201), is in development for H3 K27M-mutant glioma.   The Company is conducting Phase 1 dose escalation studies of ONC206 to evaluate safety and PK data.

CONTACTS:
        
Will O’Connor
Stern Investor Relations
212-362-1200
ir@chimerix.com
will@sternir.com

FAQ

How many shares were granted in Chimerix's (CMRX) December 2024 inducement awards?

Chimerix granted non-statutory stock options to purchase up to 385,000 shares of common stock to three new employees.

What is the vesting schedule for Chimerix's (CMRX) December 2024 stock option grants?

The stock options vest over four years, with 25% vesting after one year and the remaining 75% vesting in equal monthly installments over the following three years.

What are Chimerix's (CMRX) current clinical development programs as of December 2024?

Chimerix's most advanced program is dordaviprone (ONC201) for H3 K27M-mutant glioma, and they are conducting Phase 1 dose escalation studies of ONC206.