Madrigal Pharmaceuticals Expands Workforce with Incentive Awards
Madrigal Pharmaceuticals Strengthens Workforce with New Grants
Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a leading biopharmaceutical company dedicated to innovative treatments for metabolic dysfunction-associated steatohepatitis (MASH), has recently taken a significant step to bolster its team. The company announced granting equity inducement awards to 76 new non-executive employees as part of its Inducement Plan.
The Details of the Equity Inducement Awards
These equity inducement awards were granted on a recent date, allowing new hires to take part in the company's growth trajectory. Collectively, the employees received options to purchase a total of 2,015 shares of common stock along with 31,821 time-based restricted stock units. Options are set at an exercise price of $425.60 per share, which corresponds directly with the company's common stock closing price on the grant date.
Vesting Schedule
The vesting of these options follows a clear schedule. Specifically, 25% of the option shares will become available on the first anniversary of the grant date, while 6.25% will release quarterly thereafter. The restricted stock units are designed to vest in four equal installments on each anniversary of the grant date. It’s important for employees to maintain their roles with Madrigal to benefit from these awards.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals has established itself as a pioneer in seeking novel therapies for liver diseases, particularly MASH, which presents a significant medical challenge for many. The flagship medication, Rezdiffra (resmetirom), is a groundbreaking treatment that acts as a once-daily, oral, liver-directed THR-? agonist. Notably, it is the first and only treatment officially approved by both the FDA and the European Commission specifically for MASH with moderate to advanced fibrosis.
Future Prospects with Rezdiffra
The company is actively engaging in a Phase 3 outcomes trial to further evaluate Rezdiffra’s efficacy against more severe manifestations of liver disease, specifically compensated MASH cirrhosis. This trial presents a vital step in enhancing treatment options available for patients suffering from liver conditions.
Contact Information
Madrigal Pharmaceuticals encourages potential investors and media representatives to connect with its dedicated contacts for any inquiries. Investor inquiries can be directed to Tina Ventura at IR@madrigalpharma.com, while media inquiries should reach out to Christopher Frates at media@madrigalpharma.com.
Frequently Asked Questions
What is the purpose of the equity inducement awards?
The inducement awards are designed to attract and retain talented non-executive employees by providing equity options as part of their compensation.
How many employees received the equity awards?
A total of 76 new non-executive employees received equity awards under Madrigal's Inducement Plan.
What is Rezdiffra and its significance?
Rezdiffra (resmetirom) is a pioneering treatment for metabolic dysfunction-associated steatohepatitis (MASH), addressing a considerable unmet medical need in liver health.
What is the vesting schedule for the options granted?
Options vest over time, with 25% available after one year and the rest vesting quarterly thereafter, contingent on continued employment.
How can I contact Madrigal Pharmaceuticals for more information?
For inquiries, interested parties can reach out to Tina Ventura for investor relations or Christopher Frates regarding media contacts via their respective emails.
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