Praxis Precision Medicines, Inc. Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Praxis Precision Medicines (Nasdaq: PRAX) has announced the granting of restricted stock unit awards to four new non-executive employees. The Compensation Committee of Praxis' Board of Directors approved these grants on April 1, 2025, under the company's 2024 Inducement Plan.

The awards cover an aggregate of 8,763 shares of common stock and will vest in four equal annual installments, contingent upon continued employment. These equity awards were granted as employment inducements in accordance with Nasdaq Listing Rule 5635(c)(4), specifically designed for new hires who were not previously Praxis employees.

BOSTON, April 03, 2025 (GLOBE NEWSWIRE) -- Praxis Precision Medicines, Inc. (Nasdaq: PRAX), a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance, today announced that on April 1, 2025, the Compensation Committee of Praxis’ Board of Directors granted restricted stock unit awards covering an aggregate of 8,763 shares of its common stock to four new non-executive employees under the Praxis Precision Medicines, Inc. 2024 Inducement Plan (the 2024 Inducement Plan). The restricted stock units were granted as inducements material to the employees’ entering into employment with Praxis in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2024 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Praxis, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Praxis, pursuant to Nasdaq Listing Rule 5635(c)(4).

The restricted stock units will vest in four equal annual installments, subject to each employee’s continued employment with Praxis on each vesting date.

About Praxis
Praxis Precision Medicines is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for CNS disorders characterized by neuronal excitation-inhibition imbalance. Praxis is applying genetic insights to the discovery and development of therapies for rare and more prevalent neurological disorders through our proprietary small molecule platform, Cerebrum™, and antisense oligonucleotide (ASO) platform, Solidus™, using our understanding of shared biological targets and circuits in the brain. Praxis has established a diversified, multimodal CNS portfolio including multiple programs across epilepsy and movement disorders, with four clinical-stage product candidates. For more information, please visit www.praxismedicines.com and follow us on Facebook, LinkedIn and Twitter/X.

Contacts:
Investor Contact:
Praxis Precision Medicines
investors@praxismedicines.com
857-702-9452

Media Contact:
Dan Ferry
Life Science Advisors
Daniel@lifesciadvisors.com
617-430-7576

FAQ

How many shares were granted in Praxis Precision Medicines' (PRAX) April 2025 inducement awards?

Praxis granted restricted stock unit awards covering 8,763 shares of common stock to four new non-executive employees.

What is the vesting schedule for PRAX's April 2025 inducement grants?

The restricted stock units will vest in four equal annual installments, subject to continued employment.

Who received the PRAX stock awards in April 2025?

Four new non-executive employees received the restricted stock unit awards as employment inducements.

Under which plan were PRAX's April 2025 inducement grants issued?

The grants were issued under the Praxis Precision Medicines 2024 Inducement Plan.