Chinook Therapeutics Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
05 Maio 2023 - 5:05PM
Chinook Therapeutics, Inc. (Nasdaq: KDNY), a biopharmaceutical
company focused on the discovery, development and commercialization
of precision medicines for kidney diseases, today announced that
the Compensation Committee of the Company’s Board of Directors
approved new employment inducement grants of stock options to
purchase a total of 88,000 shares of common stock and restricted
stock units for 44,600 shares with a grant date of April 28, 2023
(the “Inducement Grants”) for eleven new employees pursuant to the
Company’s 2022 Equity Inducement Plan.
The Inducement Grants have an exercise price per share equal to
$20.01, the closing price per share of Chinook’s common stock on
April 28, 2023. The stock options vest over four years, with 25%
vesting on the one year anniversary of each employee’s start date
and 1/36th of the shares vesting monthly thereafter, subject to
each employee’s continued employment on each such date. The stock
options have a 10-year term and are subject to the terms and
conditions of the stock option agreement. The restricted stock
units vest annually over three years beginning on the anniversary
of the grant date for such awards.
The Company granted the stock options and restricted stock units
as a material inducement to these employees for entering into
employment with Chinook Therapeutics, Inc. in accordance with
Nasdaq listing Rule 5635(c)(4).
About Chinook Therapeutics, Inc.Chinook
Therapeutics, Inc. is a clinical-stage biopharmaceutical company
developing precision medicines for kidney diseases. Chinook’s
product candidates are being investigated in rare, severe chronic
kidney disorders with opportunities for well-defined clinical
pathways. Chinook’s lead program is atrasentan, a phase 3
endothelin receptor antagonist for the treatment of IgA nephropathy
and proteinuric glomerular diseases. BION-1301, an anti-APRIL
monoclonal antibody, is being evaluated in a phase 1/2 trial for
IgA nephropathy. CHK-336, an oral small molecule LDHA inhibitor for
the treatment of hyperoxalurias, is in phase 1 development. In
addition, Chinook’s research and discovery efforts are focused on
building a pipeline of precision medicines for rare, severe chronic
kidney diseases with defined genetic and molecular drivers. Chinook
is leveraging insights from kidney single cell RNA sequencing and
large CKD patient cohorts that have been comprehensively
panomically phenotyped, with retained biosamples and prospective
clinical follow-up, to discover and develop therapeutic candidates
with mechanisms of action targeted against key kidney disease
pathways. To learn more, visit www.chinooktx.com.
Investor Contact:
Noopur Liffick
Senior Vice President, Investor Relations & Corporate Communications
investors@chinooktx.com
Media Contact:
Kelly North
Senior Manager, Investor Relations & Corporate Communications
media@chinooktx.com
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