Celladon Corporation Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
March 16 2015 - 7:00AM
Celladon Corporation (Nasdaq:CLDN), a clinical-stage biotechnology
company with industry-leading expertise in the development of
cardiovascular gene therapy, today announced that on March 9, 2015
the Compensation Committee of the Company's Board of Directors
approved the grant of inducement stock options to purchase a total
of 40,000 shares of common stock to three new employees, with two
of such grants having a grant date of March 9, 2015 (the "March 9
Grants") and the third having a grant date of March 11, 2015 (the
"March 11 Grant"), with each such grant date corresponding to the
employees' respective hire dates.
Each of the March 9 Grants has an exercise price per share equal
to $24.89, the fair market value on the grant date of the March 9
Grants. The March 11 Grant has an exercise price per share equal to
$25.99, the fair market value on the grant date of the March 11
Grant. Each stock option vests over the course of four years, with
25% vesting on the one-year anniversary of the employee's first day
of employment with the Company and 1/48 of the shares vesting
monthly thereafter, subject to the new employee's continued service
relationship with the Company on each such date. Each stock option
has a ten year term and is subject to the terms and conditions of
the Company's 2013 Equity Incentive Plan and applicable stock
option agreement.
Each of the stock options was granted as an inducement material
to the new employees entering into employment with Celladon
Corporation in accordance with NASDAQ listing Rule 5635(c)(4).
About Celladon
Celladon is a clinical-stage biotechnology company applying its
leadership position in the field of cardiovascular gene therapy to
develop novel therapies for diseases with tremendous unmet medical
needs. Our lead programs target SERCA enzymes which are a family of
enzymes that play an integral part in the regulation of
intra-cellular calcium in all human cells. Calcium dysregulation is
implicated in a number of important and complex medical conditions
and diseases, such as heart failure, vascular disease, diabetes and
neurodegenerative diseases. MYDICAR, the Company's most advanced
product candidate, uses gene therapy to target SERCA2a, which is an
enzyme that becomes deficient in patients with advanced heart
failure. Celladon has completed enrollment of a 250 patient Phase
2b clinical trial evaluating the efficacy of MYDICAR in reducing
the frequency of, or delaying heart failure-related
hospitalizations. This randomized, double-blind,
placebo-controlled, multinational trial is evaluating a single
intracoronary infusion of MYDICAR versus placebo added to a
maximal, optimized heart failure regimen in patients with New York
Heart Association class III or IV symptoms of chronic heart failure
due to systolic dysfunction. The Company has received Breakthrough
Therapy designation from the FDA for this MYDICAR program and
expects to report results from the Phase 2b clinical trial in April
2015. In addition, the Company conducts research and development on
its mSCF gene therapy program for cardiac diseases. Celladon has
also identified a number of potential first-in-class compounds
addressing novel targets in diabetes and neurodegenerative diseases
with its small molecule platform of SERCA2b modulators. For more
information, please visit www.celladon.com.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements regarding Celladon's plans to research, develop and
commercialize product candidates, as well as expected timing for
reporting results from clinical trials. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. These forward-looking statements are based upon
Celladon's current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results and
the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, risks and
uncertainties associated with viral manufacturing processes and
other product development activities, clinical trials and obtaining
regulatory approval to commercialize product candidates, our
reliance on third parties, the need to raise additional funding
when needed in order to conduct our business, and the degree of
market acceptance of MYDICAR by physicians, patients, third-party
payors and others in the medical community. These and other risks
and uncertainties are described more fully in Celladon's filings
with the Securities and Exchange Commission, including without
limitation its Form 10-Q for the quarter ended September 30, 2014.
All forward-looking statements contained in this press release
speak only as of the date on which they were made. Celladon
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made.
CONTACT: For further information, please contact:
Fredrik Wiklund
Vice President, Corporate Development and Investor Relations
+1- 858-432-7215
fwiklund@celladon.com
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