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

Rhea-AI Summary

Inozyme Pharma, Inc. (INZY) granted stock options to three new employees under its 2023 Inducement Stock Incentive Plan. The options allow the purchase of up to 80,000 shares at an exercise price of $6.93 per share. The options have a 10-year term and vest over four years, with 25% of shares vesting on the first anniversary and monthly thereafter.

BOSTON, April 05, 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 three 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 80,000 shares of the Company’s common stock to the new employees on April 2, 2024, at an exercise price of $6.93 per share, the closing price per share of the Company’s common stock as reported by Nasdaq on April 2, 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, ABCC6 Deficiency, and calciphylaxis.

For more information, please visit www.inozyme.com or follow Inozyme on LinkedIn, X (formerly Twitter), and Facebook.

Contacts
Investors:
Inozyme Pharma
Stefan Riley, Senior 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

How many new employees were granted stock options by Inozyme Pharma, Inc. (INZY)?

Inozyme Pharma, Inc. (INZY) granted stock options to three new employees.

What is the exercise price of the stock options granted by Inozyme Pharma, Inc. (INZY)?

The exercise price of the stock options granted by Inozyme Pharma, Inc. (INZY) is $6.93 per share.

How long is the term of the stock options granted by Inozyme Pharma, Inc. (INZY)?

The stock options granted by Inozyme Pharma, Inc. (INZY) have a 10-year term.

How do the stock options granted by Inozyme Pharma, Inc. (INZY) vest?

The stock options granted by Inozyme Pharma, Inc. (INZY) vest over four years, with 25% of shares vesting on the first anniversary and monthly thereafter.