X4 Pharmaceuticals Grants Inducement Awards to New Staff
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X4 Pharmaceuticals Grants Inducement Awards to New Staff
The company focused on innovative therapies for rare immune system diseases, X4 Pharmaceuticals (Nasdaq: XFOR), has recently announced the issuance of inducement awards to new employees, effective as of August 30, 2024. This strategic move is part of the X4 Pharmaceuticals, Inc. 2019 Inducement Equity Incentive Plan, designed specifically for individuals not previously associated with the company.
Details of the Inducement Awards
The inducement awards comprise options to purchase a total of 230,588 shares of X4’s common stock. These awards serve as a crucial incentive for newly hired employees to join the dedicated team at X4. The approval came from the Compensation Committee of the Board of Directors, adhering to the Nasdaq Listing Rule 5635(c)(4).
Option Characteristics and Vesting Schedule
These stock options carry a ten-year term with an exercise price set at $0.70 per share, equivalent to the closing price on the grant date. Vested over a four-year timeframe, these options will allow the new employees to earn 25% of the shares after 12 months, with the remaining shares vesting monthly over the subsequent 36 months, subject to their ongoing employment with the company.
About X4 Pharmaceuticals
X4 Pharmaceuticals is dedicated to transforming the lives of patients impacted by rare diseases of the immune system. The company's innovative approach leverages expertise in CXCR4 and immune biology to develop new therapies. Notably, X4 has successfully advanced mavorixafor, officially recognized under the brand name XOLREMDI, marking a significant milestone in their therapeutic offerings. The company continues to explore additional indications for mavorixafor, emphasizing its commitment to addressing substantial unmet medical needs.
Corporate Presence and Research
With its corporate headquarters in Boston, Massachusetts, X4 also boasts a research center of excellence located in Vienna, Austria. This dual presence enables the company to attract top talent and foster innovation in drug development.
Contact Information
If you have inquiries related to corporate and patient affairs, José Juves, Head of Corporate & Patient Affairs, is available via email at jose.juves@x4pharma.com. For investor-related questions, Daniel Ferry, Managing Director at LifeSci Advisors, can be reached at daniel@lifesciadvisors.com or by phone at (617) 430-7576.
Frequently Asked Questions
What are the inducement awards issued by X4 Pharmaceuticals?
Inducement awards are stock options granted to new employees, incentivizing them to join the company under specific corporate plans.
What is the exercise price of the options granted?
The exercise price for the options is set at $0.70 per share, which matches the closing stock price from the grant date.
How long do the options last?
The options have a duration of ten years, allowing ample time for the employees to exercise them.
What is X4 Pharmaceuticals known for?
X4 Pharmaceuticals specializes in developing innovative therapies for rare diseases affecting the immune system, with a focus on mavorixafor as a leading product.
Where is X4 Pharmaceuticals headquartered?
The company's headquarters are located in Boston, Massachusetts, with a research center in Vienna, Austria.
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