Syndax Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Syndax Pharmaceuticals, Inc. (NASDAQ: SNDX) announced on March 6, 2023, the granting of stock options for 15,200 shares to a new employee under their 2023 Inducement Plan. The options have an exercise price of $24.86, closing on March 1, 2023. The vesting schedule includes 25% vesting on the one-year anniversary, with the remaining shares vesting monthly over three years, contingent upon continued employment. Syndax focuses on developing cancer therapies including innovative drugs like revumenib and axatilimab, which are currently in pivotal trials.

Positive

• Inducement award for 15,200 shares reflects company growth and new hires.
• Stock options exercise price aligns with market value, which could be positive for employee retention and morale.

Negative

• None.

News Market Reaction

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-0.57% News Effect

On the day this news was published, SNDX declined 0.57%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

WALTHAM, Mass., March 6, 2023 /PRNewswire/ -- Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX), a clinical-stage biopharmaceutical company developing an innovative pipeline of cancer therapies, today announced that on March 1, 2023 the Company granted an inducement award to purchase up to 15,200 shares of common stock to one new employee under the Company's 2023 Inducement Plan. The stock option has an exercise price per share of $24.86, the closing price of the Company's common stock on the Nasdaq Global Select Market on March 1, 2023 and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the vesting commencement date and 1/48th of the underlying shares vesting monthly thereafter over 36 months, subject to the employee's continued service relationship with Syndax through the applicable vesting dates.

About Syndax Pharmaceuticals, Inc. 

Syndax Pharmaceuticals is a clinical stage biopharmaceutical company developing an innovative pipeline of cancer therapies. Highlights of the Company's pipeline include revumenib, a highly selective inhibitor of the Menin–KMT2A binding interaction, and axatilimab, a monoclonal antibody that blocks the colony stimulating factor 1 (CSF-1) receptor, both currently in pivotal trials. For more information, please visit www.syndax.com or follow the Company on Twitter and LinkedIn.

Syndax Contact

Sharon Klahre 
Syndax Pharmaceuticals, Inc. 
sklahre@syndax.com
Tel 781.684.9827

SNDX-G

View original content:https://www.prnewswire.com/news-releases/syndax-pharmaceuticals-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301763791.html

SOURCE Syndax Pharmaceuticals, Inc.

FAQ

What is the significance of the inducement award granted by Syndax Pharmaceuticals on March 1, 2023?

The inducement award reflects Syndax's commitment to attracting talent and enhancing employee retention, with 15,200 shares granted at an exercise price of $24.86.

How will the stock options vest for the new employee at Syndax Pharmaceuticals?

The stock options will vest 25% on the one-year anniversary, with the remaining shares vesting monthly over 36 months.

What is the current focus of Syndax Pharmaceuticals' pipeline?

Syndax is developing innovative cancer therapies, notably revumenib and axatilimab, which are in pivotal trials.

When was the press release regarding the inducement grant issued?

The press release was issued on March 6, 2023.