Imunon Reports Inducement Grants under NASDQ Listing Rule 5646(c)(4)

Rhea-AI Summary

Imunon, Inc. (NASDAQ: IMNN) announced that its Compensation Committee approved the grant of inducement stock options and restricted stock grants to two new hires during Q3 2022. The stock options allow purchasing 8,500 shares at an exercise price of $1.65, equal to its closing stock price on September 27, 2022. Vesting occurs in thirds over three years, fully exercisable by September 2025. The restricted stock grants total 2,250 shares, vesting on the one-year anniversary of each employee's start date.

Positive

• Approval of inducement stock options and restricted stock grants to incentivize new hires.
• Stock options priced at $1.65, aligning with the market rate.
• Structured vesting plan enhances employee retention.

Negative

• None.

LAWRENCEVILLE, N.J., Sept. 29, 2022 (GLOBE NEWSWIRE) -- Imunon, Inc. (NASDAQ: IMNN), a clinical-stage drug development company focused on DNA-based immunotherapy and next-generation vaccines, today announced that the Compensation Committee of the Company’s Board of Directors approved the grant of (i) inducement stock options (the "Inducement Option Grants") to purchase a total of 8,500 shares of common stock and (ii) restricted stock grants (the "Inducement Stock Grants") totaling 2,250 shares of common stock as a material inducement to the employment to two individuals hired by Imunon during the third quarter of 2022. The equity awards were approved in accordance with Nasdaq Listing Rule 5635( c)(4).

The Inducement Option Grants have an exercise price per share equal to $1.65, which is equal to the closing price of Imunon's common stock as reported by Nasdaq on September 27, 2022. The Inducement Option Grants vest in thirds over three years with the vesting starting on the one-year anniversary of each employee’s first day of employment with the Company and thereafter vest in two additional installments so all Inducement Option Grants will be fully vested and exercisable as of September 27, 2025, subject to each employee’s continued service relationship with the Company on each such date. Each Inducement Option Grant has a ten-year term.

Each of the Inducement Stock Grants will vest on the one-year anniversary of each employee’s first date of employment with the Company and are subject to each such employee’s continued service relationship with the Company on such vesting date.

About Imunon, Inc.

Imunon is a fully integrated, clinical stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies.

Imunon has two platform technologies: the TheraPlas^® platform for the development of immunotherapies and other anti-cancer nucleic acid-based therapies, and the PLACCINE platform for the development of nucleic acid vaccines for infectious diseases and cancer. The company’s lead clinical program, GEN-1, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer currently in Phase II development. GEN-1 works by instructing the body to produce safe and durable levels of powerful cancer-fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the company is conducting preclinical proof-of-concept studies on a nucleic acid vaccine candidate targeting the SARS-CoV-2 virus in order to validate its PLACCINE platform. Imunon’s platform technologies are based on the delivery of nucleic acids with novel synthetic delivery systems that are independent of viral vectors or devices. Imunon will continue to leverage these platforms and to advance the technological frontier of plasmid DNA to better serve patients with difficult-to-treat conditions. For more information on Imunon, visit www.imunon.com.

Forward-Looking Statements

Imunon wishes to inform readers that forward-looking statements in this news release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in clinical trials; the uncertainties of and difficulties in analyzing interim clinical data; the significant expense, time and risk of failure of conducting clinical trials; the need for Imunon to evaluate its future development plans; possible acquisitions or licenses of other technologies, assets or businesses; possible actions by customers, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in Imunon’s periodic reports and prospectuses filed with the Securities and Exchange Commission. Imunon assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

Contacts:

Jeffrey W. Church
Executive Vice President, CFO and Corporate Secretary
609-482-2455
jchurch@imunon.com

LHA Investor Relations
Kim Sutton Golodetz
212-838-3777
kgolodetz@lhai.com

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FAQ

What did Imunon announce on September 29, 2022?

Imunon announced the approval of inducement stock options and restricted stock grants for two new hires.

What is the exercise price of the stock options granted by Imunon?

The exercise price of the stock options is $1.65.

How many shares are included in the inducement stock grants by Imunon?

The inducement stock grants total 2,250 shares.

When will the stock options granted by Imunon become fully vested?

The stock options will be fully vested by September 27, 2025.

What is NASDAQ symbol for Imunon?

The NASDAQ symbol for Imunon is IMNN.