ROCKVILLE, Md.--(BUSINESS WIRE)--GlycoMimetics, Inc. (the “Company”) (NASDAQ:GLYC) today announced that the compensation committee of the Company’s Board of Directors approved the grant on April 1, 2020 of non-qualified stock option awards to purchase an aggregate of 40,600 shares of its common stock to two new employees. The options were granted as inducement equity awards outside of the Company’s 2013 Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4), and were made as an inducement material to the acceptance of employment with the Company by each of the new employees. The options are subject to the terms and conditions of stock option agreements covering the respective grants and the GlycoMimetics, Inc. Inducement Plan, which was adopted January 22, 2020 and provides for the granting of stock options to new employees.
The stock option awards have an exercise price equal to the closing price of the Company’s common stock on April 1, 2020. The options have a ten-year term and vest over four years, with one-fourth of the shares vesting one year after the grant date, and the balance of the shares vesting in a series of thirty-six successive equal monthly installments measured from the first anniversary of the grant date, subject to the new employee’s continued service with the Company through the applicable vesting dates.
About GlycoMimetics, Inc.
GlycoMimetics is a clinical-stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. GlycoMimetics’ wholly-owned drug candidate, uproleselan, an E-selectin antagonist, was evaluated in a Phase 1/2 clinical trial as a potential treatment for AML and is being evaluated across a range of patient populations including a Company-sponsored Phase 3 trial in relapsed/refractory AML. GlycoMimetics has also completed a Phase 1 clinical trial with another wholly-owned drug candidate, GMI-1359, a combined CXCR4 and E-selectin antagonist. GlycoMimetics is located in Rockville, MD in the BioHealth Capital Region. Learn more at www.glycomimetics.com.
This press release contains forward-looking statements regarding the clinical development and potential benefits and impact of the Company’s drug candidates. These forward-looking statements include those relating to the planned clinical development of the Company’s wholly-owned product candidates. Actual results may differ materially from those in these forward-looking statements. For a further description of the risks associated with these statements, as well as other risks facing GlycoMimetics, please see the risk factors described in the Company’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 28, 2020, and other filings GlycoMimetics makes with the SEC from time to time. Forward-looking statements speak only as of the date of this release, and GlycoMimetics undertakes no obligation to update or revise these statements, except as may be required by law.