Iterum Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
14 Junho 2022 - 06:00PM
Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a
clinical-stage pharmaceutical company focused on developing next
generation oral and IV antibiotics to treat infections caused by
multi-drug resistant pathogens in both community and hospital
settings, today announced that it has granted a non-statutory share
option to purchase an aggregate of 35,000 ordinary shares of the
Company as an inducement to a newly hired employee. This grant
was awarded pursuant to the Nasdaq inducement grant exception
as a component of new hire employment compensation.
The share option was granted effective June
13, 2022 with an exercise price of $0.21 per share,
which is equal to the closing price of Iterum Therapeutics’
ordinary shares on the date of grant. The share option has a
10-year term and vests over four years, with 25% of the original
number of shares vesting on the first anniversary of the date of
commencement of employment and the remaining shares vesting monthly
thereafter over the subsequent 36 months, in equal amounts until
fully vested, subject to the employee's continued service with the
Company through the applicable vesting dates. The share
option was approved by the Company’s Compensation Committee and was
granted as an inducement material to the new employee’s acceptance
of employment in accordance with Nasdaq Listing Rule 5635(c)(4).
The share option is subject to the terms and conditions of a share
option agreement covering the grant and the Company’s 2021
Inducement Equity Incentive Plan.
About Iterum Therapeutics
plc
Iterum Therapeutics plc is a clinical-stage
pharmaceutical company dedicated to developing differentiated
anti-infectives aimed at combatting the global crisis of multi-drug
resistant pathogens to significantly improve the lives of people
affected by serious and life-threatening diseases around the world.
Iterum Therapeutics is advancing its first compound, sulopenem, a
novel penem anti-infective compound, in Phase 3 clinical
development with an oral formulation and IV formulation. Sulopenem
has demonstrated potent in vitro activity against a wide variety of
gram-negative, gram-positive and anaerobic bacteria resistant to
other antibiotics. Iterum Therapeutics has received Qualified
Infectious Disease Product (QIDP) and Fast Track designations for
its oral and IV formulations of sulopenem in seven indications.
Investor Contact:Judy Matthews Chief
Financial Officer312-778-6073IR@iterumtx.com
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