AUSTIN, Texas--(BUSINESS WIRE)--Savara Inc. (Nasdaq: SVRA), an orphan lung disease company, today announced that on November 26, 2019, the independent members of the Company's Board of Directors granted Badrul Chowdhury, M.D., Ph.D., the Company's new Chief Medical Officer, an option to purchase 300,000 shares of the Company's common stock with an exercise price of $1.01 per share, the closing trading price of the Company's common stock on the NASDAQ Global Market on the grant date of November 26, 2019. The option vests as to 1/16th of the number of shares subject to the option each quarter with vesting commencing on November 15, 2019, subject to continued employment on each such vesting date, and the option has a ten-year term. Mr. Chowdhury was also granted restricted stock units (RSUs) for 200,000 shares of the Company’s common stock which RSUs shall vest in full on the eighteen-month anniversary of November 15, 2019, subject to his continued employment on such vesting date. These equity awards were granted pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules to induce Dr. Chowdhury to enter into employment with the Company.
The Inducement grant is used exclusively for the grant of an equity award to an individual who was not previously an employee or non-employee director of the Company (or following a bona fide period of non-employment) as an inducement material to such an individual entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
Savara is an orphan lung disease company. Savara’s pipeline comprises Molgradex, an inhaled granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP), in Phase 2a development for nontuberculous mycobacterial (NTM) lung infection in both non-cystic fibrosis (CF) and CF-affected individuals with chronic NTM lung infection; and AeroVanc, a Phase 3-stage inhaled vancomycin for treatment of persistent methicillin-resistant Staphylococcus aureus (MRSA) lung infection in CF. Savara’s strategy involves expanding its pipeline of potentially best-in-class products through indication expansion, strategic development partnerships and product acquisitions, with the goal of becoming a leading company in its field. Savara’s management team has significant experience in orphan drug development and pulmonary medicine, identifying unmet needs, developing and acquiring new product candidates, and effectively advancing them to approvals and commercialization. More information can be found at www.savarapharma.com. (Twitter: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/)