Pliant Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Pliant Therapeutics, Inc. (Nasdaq: PLRX) has announced the granting of stock options to Gary Palmer, M.D., the company's newly appointed Senior Vice President of Medical Affairs. The grant, made on September 30, 2024, includes options to purchase 120,000 shares of common stock as a material inducement to his employment.
The stock options have an exercise price of $11.21 per share, equal to the closing price of Pliant's common stock on the grant date. The options will vest over 4 years, with 25% vesting on the one-year anniversary and the remaining shares vesting monthly at a rate of 1/48th over the subsequent 36 months. The stock options have a 10-year term and are subject to the terms and conditions of the Company's 2022 Inducement Plan.
Positive
- Appointment of Gary Palmer, M.D. as Senior Vice President of Medical Affairs
- Granting of stock options as an incentive for key executive talent
Negative
- Potential dilution of existing shareholders due to the issuance of 120,000 new stock options
News Market Reaction 1 Alert
On the day this news was published, PLRX declined 5.89%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SOUTH SAN FRANCISCO, Calif., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Pliant Therapeutics, Inc. (Nasdaq: PLRX), today announced that on September 30, 2024 it granted stock options to purchase an aggregate of 120,000 shares of common stock upon vesting to Gary Palmer, M.D., the Company’s newly appointed Senior Vice President of Medical Affairs as a material inducement to his employment.
The stock options that were granted are subject to an exercise price of
About Pliant Therapeutics, Inc.
Pliant Therapeutics is a late-stage biopharmaceutical company and leader in the discovery and development of novel therapeutics for the treatment of fibrotic diseases. Pliant's lead product candidate, bexotegrast (PLN-74809), is an oral, small molecule, dual selective inhibitor of αvß6 and αvß1 integrins that is in development in the lead indications for the treatment of idiopathic pulmonary fibrosis, or IPF, and primary sclerosing cholangitis, or PSC. Bexotegrast has received Fast Track Designation and Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) in IPF and PSC and Orphan Drug Designation from the European Medicines Agency in IPF and PSC. Pliant has initiated BEACON-IPF, an adaptive Phase 2b/3 trial of bexotegrast in IPF. Pliant is conducting a Phase 1 study for its third clinical program, PLN-101095, a small molecule, dual-selective inhibitor of αvß8 and αvß1 integrins, that is being developed for the treatment of solid tumors. In addition, Pliant has received regulatory clearance for the conduct of a Phase 1 study of PLN-101325, a monoclonal antibody agonist of integrin α7β1 targeting muscular dystrophies.
For additional information, please visit: www.PliantRx.com. Follow us on social media: X, LinkedIn, and Facebook.
Investor and Media Contact:
Christopher Keenan
Vice President, Investor Relations and Corporate Communications
Pliant Therapeutics, Inc.
ir@pliantrx.com
FAQ
How many stock options did Pliant Therapeutics (PLRX) grant to Gary Palmer?
What is the exercise price of the stock options granted by Pliant Therapeutics (PLRX) on September 30, 2024?
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What position was Gary Palmer appointed to at Pliant Therapeutics (PLRX)?
