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GlycoMimetics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

September 09, 2022 at 08:30 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

GlycoMimetics, Inc. (the “Company”) (NASDAQ: GLYC) today announced that the compensation committee of the Company’s Board of Directors approved the grant on September 2, 2022 of a non-qualified stock option award to purchase an aggregate of 200,000 shares of common stock to Edwin P. Rock, M.D., the Company’s new Senior Vice President and Chief Medical Officer. The award was granted as an inducement equity award outside of the Company’s Amended and Restated 2013 Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4), and was made as an inducement material to the acceptance of employment with the Company by Dr. Rock.

The award was comprised of an option to purchase 200,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), subject to vesting as to 25% of the underlying shares on September 2, 2023, and as to the remaining underlying shares in equal monthly installments over 36 months thereafter. The option grant has an exercise price of $0.74 per share, the closing price of the Common Stock on the date of grant, and is subject to the terms and conditions of a stock option agreement and the GlycoMimetics, Inc. Inducement Plan (adopted January 22, 2020 and amended on August 2, 2021 and January 21, 2022), which provides for the granting of stock options and other equity awards to new employees.

About GlycoMimetics, Inc.

GlycoMimetics is a late-clinical-stage biotechnology company discovering and developing glycobiology-based therapies for cancers, including acute myeloid leukemia (AML), and for inflammatory diseases with high unmet need. The Company’s science is based on an understanding of the role that carbohydrates play on the surface of every living cell and applying its specialized chemistry platform to discover small molecule drugs, known as glycomimetics, which alter these carbohydrate-mediated pathways in a variety of disease states, including signaling in cancer and inflammation. As a leader in this space, GlycoMimetics is leveraging this unique targeted approach to advance its pipeline of wholly owned drug candidates, with the goal of developing transformative therapies for serious diseases. GlycoMimetics is in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.