UNITY Biotechnology Reports Granting of New Employment Inducement Award
Rhea-AI Summary
UNITY Biotechnology [NASDAQ: UBX] announced that its Compensation Committee has granted a stock-based award to its new Chief Medical Officer, Federico Grossi. The award consists of options to purchase 150,000 shares of UNITY common stock, granted on January 6, 2025. The grant was made under the UNITY 2020 Employment Inducement Incentive Plan, amended in March 2020, which aims to provide incentives for new hires in accordance with Nasdaq Stock Market Rule 5635(c)(4).
Positive
- Successful recruitment of new Chief Medical Officer indicating strategic executive team expansion
Negative
- Potential shareholder dilution from 150,000 new stock options
News Market Reaction
On the day this news was published, UBX declined 26.52%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SOUTH SAN FRANCISCO, Calif., Jan. 07, 2025 (GLOBE NEWSWIRE) -- UNITY Biotechnology, Inc. (“UNITY”) [NASDAQ: UBX], a biotechnology company developing therapeutics to slow, halt, or reverse diseases of aging, today announced that on January 6, 2025, the Compensation Committee of the Board of Directors (the “Board”) granted a stock-based award to a new employee, Federico Grossi, UNITY’s Chief Medical Officer, covering options to purchase 150,000 shares of UNITY common stock. The stock-based award was granted pursuant to the UNITY 2020 Employment Inducement Incentive Plan, as amended, which was approved by the Board in March 2020 to provide for grants to newly hired employees as a material inducement for them to commence employment with UNITY in accordance with Nasdaq Stock Market Rule 5635(c)(4).
About UNITY
UNITY is developing a new class of therapeutics to slow, halt or reverse diseases of aging. UNITY’s current focus is on creating medicines to selectively eliminate or modulate senescent cells and thereby provide transformative benefit in age-related ophthalmologic and neurologic diseases. More information is available at www.unitybiotechnology.com or follow us on Twitter and LinkedIn.
Media Contact
Inizio Evoke Comms
Katherine Smith
katherine.smith@inizioevoke.com
Investor Contact
LifeSci Advisors, LLC
Joyce Allaire
jallaire@lifesciadvisors.com
FAQ
How many stock options were granted to UBX's new Chief Medical Officer in January 2025?
What is the purpose of UBX's 2020 Employment Inducement Incentive Plan?
Who is the new Chief Medical Officer at UNITY Biotechnology (UBX)?
When did UBX's Board approve the Employment Inducement Incentive Plan?
