Allena Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
May 04 2021 - 4:01PM
Allena Pharmaceuticals, Inc. (NASDAQ:ALNA), a late-stage
biopharmaceutical company dedicated to discovering, developing and
commercializing first-in-class oral enzyme therapeutics to treat
patients with rare and severe metabolic and kidney disorders, today
announced the granting of an inducement award to a new employee. In
accordance with NASDAQ Listing Rule 5635(c)(4), the award was
approved by Allena’s Compensation Committee and made as a material
inducement to the employee’s entry into employment with the
Company.
In connection with the commencement of their
employment, the employee received stock options on May 3, 2021 to
purchase an aggregate 55,000 shares of Allena common stock. The
stock options were granted pursuant to Allena’s 2021 Inducement
Plan and have an exercise price of $1.28 per share, the closing
trading price on the Nasdaq Global Select Market on the date of
grant. The stock options vest over four years, with 25% vesting on
the one-year anniversary of each employee’s first day of employment
with the Company and 1/36 of the remaining shares vesting monthly
thereafter, subject to each new employee’s continued service
relationship with the Company on each such date. The stock options
have a 10-year term and are subject to terms and conditions of the
Company’s 2021 Inducement Plan and a stock option agreement
covering the grant.
About Allena Pharmaceuticals
Allena Pharmaceuticals, Inc. is a late-stage
biopharmaceutical company dedicated to discovering, developing and
commercializing first-in-class, oral biologic therapeutics to treat
patients with rare and severe metabolic and kidney disorders.
Allena’s lead product candidate, reloxaliase, is currently being
evaluated in a pivotal Phase 3 clinical program for the treatment
of enteric hyperoxaluria, a metabolic disorder characterized by
markedly elevated urinary oxalate levels and commonly associated
with kidney stones, chronic kidney disease and other serious kidney
disorders. Allena is also developing ALLN-346 for the treatment of
hyperuricemia in the setting of gout and advanced chronic kidney
disease, with a Phase 1 multiple-ascending dose study and a Phase
2a program planned for 2021.
Investor ContactHannah
DeresiewiczStern Investor Relations,
Inc.212-362-1200hannah.deresiewicz@sternir.com
Media ContactAdam DaleyBerry &
Company Public Relations212-253-8881adaley@berrypr.com
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