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

Rhea-AI Summary

Inozyme Pharma, Inc. has granted stock options to four new employees to purchase shares of the Company’s common stock. The options have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the employee’s start date and 2.0833% of the shares underlying the option vesting monthly thereafter. The exercise price is $5.64 per share, based on the closing price per share of the Company’s common stock on February 1, 2024.

BOSTON, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Inozyme Pharma, Inc. (Nasdaq: INZY) (“Company” or “Inozyme”), a clinical-stage rare disease biopharmaceutical company developing novel therapeutics for the treatment of pathologic mineralization and intimal proliferation, today announced that it granted stock options to four new employees to purchase shares of the Company’s common stock, pursuant to the Company’s 2023 Inducement Stock Incentive Plan, as 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 157,000 shares of the Company’s common stock to the new employees on February 1, 2024, at an exercise price of $5.64 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on February 1, 2024. The options have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the 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 or follow Inozyme on LinkedIn, X (formerly Twitter), and Facebook.

Contacts
Investors:
Inozyme Pharma
Stefan Riley, Director of IR and Corporate Communications
(857) 330-8871
stefan.riley@inozyme.com

Media:
SmithSolve
Matt Pera
(973) 886-9150
matt.pera@smithsolve.com

FAQ

What is the purpose of Inozyme Pharma, Inc. granting stock options to new employees?

Inozyme Pharma, Inc. granted stock options to four new employees as an inducement material to their employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

How many shares of the Company’s common stock can the new employees purchase with the stock options?

The new employees can purchase up to an aggregate of 157,000 shares of the Company’s common stock with the granted stock options.

What is the exercise price of the stock options granted to the new employees?

The exercise price of the stock options granted to the new employees is $5.64 per share, based on the closing price per share of the Company’s common stock on February 1, 2024.

How long is the term of the stock options granted to the new employees?

The stock options have a 10-year term.