ANN ARBOR, Mich.--(BUSINESS WIRE)--Jan. 17, 2019--
Therapeutics, Inc. (“Millendo” or the “Company”) (NASDAQ: MLND), a
clinical-stage biopharmaceutical company developing novel treatments for
orphan endocrine diseases, announced today that on January 15, 2019, the
Compensation Committee of the Board of Directors approved, effective as
of January 15, 2019, the grant of inducement stock options to purchase a
total of 51,200 shares of the Company’s common stock to three
newly-appointed employees of the Company. The option awards have an
exercise price of $8.80 per share, the closing price per share of the
Company’s common stock on January 15, 2019. The options vest over four
years, with 25 percent of the shares vesting on the first anniversary of
each grantee’s respective hiring date, and the remaining shares vesting
ratably over the subsequent 36 months, subject to each grantee’s
continued service with the Company. The stock options have a ten-year
term and are subject to the terms and conditions of the stock option
agreements pursuant to which each option was granted.
Additionally, on December 7, 2018, the Compensation Committee of the
Board of Directors approved, effective as of December 7, 2018, the grant
of an inducement stock option to purchase 74,400 shares of the Company’s
common stock to Louis J. Arcudi III, the Company’s Chief Financial
Officer. The option granted to Mr. Arcudi was previously announced by
the Company on its Current Report on Form 8-K, which was filed with the
United States Securities and Exchange Commission on December 13, 2018.
The stock option awarded to Mr. Arcudi has an exercise price of $10.395
per share, the closing price per share of the Company’s common stock on
December 7, 2018, and will vest and become exercisable over four years,
with 25% of the shares vesting on November 5, 2019, the one-year
anniversary of the vesting commencement date, and the remaining shares
vesting ratably over the subsequent 36 months, subject to Mr. Arcudi’s
continued service with the Company. If Mr. Arcudi’s employment with the
Company (or any parent or subsidiary or successor of the Company) ends
within three months prior to or within 12 months following a change in
control of Private Millendo due to his resignation for “good reason” or
his termination by the Company other than for “cause,” death or
disability, then his options will accelerate in full. The stock option
has a ten-year term and is subject to the terms and conditions of the
stock option agreement pursuant to which the option was granted.
The options were granted as inducements material to Mr. Arcudi and the
other recipients entering into employment with the Company in accordance
with NASDAQ Listing Rule 5635(c)(4).
About Millendo Therapeutics, Inc.
Millendo Therapeutics is a late-stage biopharmaceutical company focused
on developing novel treatments for orphan endocrine diseases where
current therapies do not exist or are insufficient. The Company’s
objective is to build a leading endocrine company that creates distinct
and transformative treatments for a wide range of endocrine diseases
where there is a significant unmet medical need. The Company is
currently advancing livoletide for the treatment of Prader-Willi
syndrome and nevanimibe for the treatment of classic congenital adrenal
hyperplasia and endogenous Cushing’s syndrome. For more information,
please visit www.millendo.com.
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Source: Millendo Therapeutics, Inc.
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