Eledon Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
December 04 2023 - 5:00PM
Eledon Pharmaceuticals, Inc. (“Eledon”) (NASDAQ: ELDN) today
announced that on December 1, 2023, the Company’s Compensation
Committee granted our new Chief Medical Officer, Eliezer Katz,
M.D., inducement stock options to purchase an aggregate of 921,000
common shares, at a per share exercise price of $1.14, the
closing price of Eledon’s common stock on December 1, 2023.
The stock options were granted as inducements material to the new
employee entering employment with Eledon in accordance with Nasdaq
Listing Rule 5635(c)(4).
The inducement stock options have a ten-year term and vest over
four years. Twenty percent of the total number of shares subject to
the inducement option are time-based, with 25% of these time-based
shares vesting on the first anniversary of the grant date, and the
remainder vesting an additional 6.25% of the time-based shares at
the end of each full three calendar month period thereafter,
subject to the relevant employee's continued service with Eledon on
the applicable vesting date. The balance of the inducement stock
options are both time-based and performance-based. Subject to
satisfying the time-based requirements above, the performance-based
stock options will vest based on the Company’s achieving certain
patient enrollment milestones in its Phase 1b and Phase 2 kidney
transplant clinical trials, subject to the relevant employee’s
continued service with Eledon on the applicable vesting date.
About Eledon Pharmaceuticals and
tegoprubart
Eledon Pharmaceuticals, Inc. is a clinical stage
biotechnology company that is developing immune-modulating
therapies for the management and treatment of life-threatening
conditions. The Company’s lead investigational product is
tegoprubart, an anti-CD40L antibody with high affinity for CD40
Ligand, a well-validated biological target within the
costimulatory CD40/CD40L cellular pathway. The central role of
CD40L signaling in both adaptive and innate immune cell
activation and function positions it as an attractive target
for non-lymphocyte depleting, immunomodulatory therapeutic
intervention. The Company is building upon a deep historical
knowledge of anti-CD40 Ligand biology to conduct preclinical and
clinical studies in kidney allograft transplantation,
xenotransplantation, and amyotrophic lateral sclerosis (ALS).
Eledon is headquartered in Irvine, California. For
more information, please visit the Company’s website
at www.eledon.com.
Follow Eledon Pharmaceuticals on social
media: LinkedIn; Twitter
Investor Contact:
Stephen JasperGilmartin Group(858) 525
2047stephen@gilmartinir.com
Media Contact:
Jenna UrbanBerry & Company Public Relations(212) 253
8881jurban@berrypr.com
Source: Eledon Pharmaceuticals
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