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

Rhea-AI Summary

Chimerix (NASDAQ:CMRX) has announced the granting of inducement awards to six new employees on January 17, 2025. The awards consist of non-statutory stock options to purchase up to 355,000 shares of Chimerix's common stock. The stock options have a 10-year term and will vest over four years, with 25% vesting after one year and the remaining 75% vesting monthly over the following three years.

The exercise price is set at Chimerix's closing trading price on the grant date. While subject to the terms of Chimerix's 2024 Equity Incentive Plan, these grants were made outside of it. The company, a biopharmaceutical firm, is currently developing dordaviprone (ONC201) for H3 K27M-mutant glioma and conducting Phase 1 dose escalation studies of ONC206.

DURHAM, N.C., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Chimerix (NASDAQ:CMRX), today announced that on January 17, 2025, the Compensation Committee of Chimerix’s Board of Directors granted inducement awards to six new employees of non-statutory stock options to purchase up to a total of 355,000 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 included in Chimerix's (CMRX) January 2025 inducement stock option grants?

Chimerix granted stock options to purchase up to 355,000 shares of common stock to six new employees.

What is the vesting schedule for CMRX's January 2025 inducement stock options?

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 is Chimerix's (CMRX) main clinical development program as of January 2025?

Chimerix's most advanced clinical-stage development program is dordaviprone (ONC201), which is in development for H3 K27M-mutant glioma.

What is the term length of CMRX's January 2025 inducement stock options?

The stock options have a 10-year term.