Chimerix Reports Inducement Grant under Nasdaq Listing Rule 5635(4)
November 27, 2023 at 08:53 am EST
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DURHAM - Chimerix (NASDAQ: CMRX), today announced that on November 20, 2023, the Compensation Committee of Chimerix's Board of Directors granted an inducement award to a new employee of non-qualified stock options to purchase 150,000 shares of Chimerix's common stock.
The Compensation Committee of Chimerix's Board of Directors approved the award as an inducement material to the new employee's employment agreement in accordance with Nasdaq Listing rule 5635(4).
The stock option has an exercise price per share equal to $1.00 per share, Chimerix's closing trading price on November 20, 2023. The stock option has a 10-year term and will vest over four years, with one-fourth vesting on the one-year anniversary of the grant date and the remaining three-fourths vesting over the following three years in equal monthly installments. The stock option is subject to the terms of Chimerix's 2013 Equity Incentive Plan but was granted outside of the 2013 Equity Incentive Plan.
Chimerix is a biopharmaceutical company with a mission to develop medicines that meaningfully improve and extend the lives of patients facing deadly diseases. The Company's most advanced clinical-stage development program, ONC201, is in development for H3 K27M-mutant glioma.
Chimerix, Inc. is a biotechnology company. The Company is focused on developing medicines that address unmet medical needs. The Company's product Imipridones is a cancer therapy that provides ONC201, which is in clinical-stage development for H3 K27M-mutant glioma as its lead indication. In addition, imipridone ONC206 is in dose-escalating clinical trials. Imipridones target specific G protein-coupled receptors (GPCRs) and mitochondrial caseinolytic protease P (ClpP), resulting in cancer cell death. The Company's product Imipridone chemical scaffold provides an opportunity to target GPCRs and ClpP with tunable specificity and modality, which enables therapeutic use for cancer and other diseases. Its ONC206 is an imipridone, Dopamine Receptor D2 (DRD2) antagonist and ClpP agonist. Its ONC212 is an imipridone, an investigational agonist of the orphan GPCR tumor suppressor GPR132, as well as ClpP. Its CMX521 is a nucleoside analog antiviral drug candidate for the treatment of SARS-CoV-2.