Iterum Therapeutics Reports Employment Inducement Grant
January 11 2023 - 06:00PM
Iterum Therapeutics plc (Nasdaq: ITRM) (“Iterum Therapeutics”), 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 2,500 ordinary shares of Iterum
Therapeutics 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 January 10, 2023 with an exercise price
of $1.04 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 Iterum Therapeutics through the applicable vesting
dates. The share option was approved by Iterum Therapeutics’
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 2021 Inducement Equity Incentive Plan of Iterum
Therapeutics.
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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