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X4 Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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X4 Pharmaceuticals issues inducement awards to new employees under the 2019 Inducement Equity Incentive Plan. The awards consist of options to purchase 1,524,112 shares of X4's common stock at an exercise price of $0.9710 per share. Each option will vest over a four-year period, with 25% vesting after 12 months.
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BOSTON, March 01, 2024 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (Nasdaq: XFOR), a company driven to improve the lives of people with rare diseases of the immune system, today announced that, effective on February 29, 2024, the company issued inducement awards to new employees under the X4 Pharmaceuticals, Inc. 2019 Inducement Equity Incentive Plan (the “2019 Inducement Plan”). The 2019 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee of X4. The inducement awards consist of options to purchase an aggregate of 1,524,112 shares of X4’s common stock. These stock awards were granted as an inducement material to the new employees entering into employment with X4 in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by X4’s Compensation Committee of the Board of Directors.
The options have a ten-year term and an exercise price of $0.9710 per share, which is equal to the closing price of X4’s common stock on February 29, 2024. Each option will vest over a four-year period, with 25% of the shares vesting after 12 months and the remaining shares vesting monthly over the following 36 months, subject to the employee’s continued employment with X4 on such vesting dates. The options are subject to the terms and conditions of the 2019 Inducement Plan and the terms and conditions of an award agreement covering the grant.
About X4 Pharmaceuticals X4 Pharmaceuticals is a late-stage clinical biopharmaceutical company driven to improve the lives of people with rare diseases of the immune system. Our lead clinical candidate is mavorixafor, a small molecule antagonist of chemokine receptor CXCR4 that is being developed as an oral, once-daily therapy across a variety of immunodeficiencies, including WHIM (Warts, Hypogammaglobulinemia, Infections, and Myelokathexis) syndrome and certain chronic neutropenic disorders. Following successful completion of a global, pivotal, Phase 3 clinical trial, we are seeking U.S. regulatory approval of oral, once-daily mavorixafor for the treatment of people aged 12 years and older with WHIM syndrome. We are also currently planning a Phase 3 clinical program evaluating mavorixafor in certain chronic neutropenic disorders. We continue to leverage our insights into CXCR4 and immune system biology at our corporate headquarters in Boston, Massachusetts and at our research center of excellence in Vienna, Austria. For more information, please visit our website at www.x4pharma.com.
x4 pharmaceuticals is developing novel therapeutics designed to improve immune cell trafficking and reverse immune suppression, which is fundamental to treating cancer and certain rare, genetic primary immunodeficiency diseases. our oral, small molecule drug candidates inhibit the binding of chemokine cxcl12 to c-x-c receptor type 4 (cxcr4), a receptor-ligand pair that plays an essential role in normal immune surveillance. we are committed to advancing the fields of cancer immunotherapy and genetic immune disorders through innovation and investment in our proprietary clinical and preclinical pipeline. x4’s most advanced product candidate, x4p-001-rd, is in a phase 2/3 study in patients with whim syndrome, a rare genetic, primary immunodeficiency disease. x4p-001-io is currently under investigation in multiple phase 1/2 studies in refractory clear cell renal cell carcinoma (ccrcc) and melanoma. our third program, x4p-002, is in preclinical development and designed specifically for the t