Chinook Therapeutics Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
July 07 2021 - 4:05PM
Chinook Therapeutics, Inc. (Nasdaq: KDNY), a biopharmaceutical
company focused on the discovery, development and commercialization
of precision medicines for kidney diseases, today announced that
the Compensation Committee of the Company’s Board of Directors
approved a new employment inducement grant of stock options to
purchase 25,733 shares of common stock with a grant date of June
30, 2021 (the “Inducement Grants”) for a new employee.
The stock options approved under the Inducement Grant were
issued on terms substantially similar to Chinook’s 2015 Equity
Incentive Plan and have an exercise price per share equal to
$14.12, the closing price per share of Chinook’s common stock on
the grant date. The stock options vest over four years, with 25%
vesting on the employee’s start date and 1/36th of the remaining
shares vesting monthly thereafter, subject to the employee’s
continued employment on each such date. The stock options have a
10-year term and are subject to the terms and conditions of the
stock option agreement.
The Company granted the stock options as a material inducement
to this employee for entering into employment with Chinook
Therapeutics, Inc. in accordance with Nasdaq listing Rule
5635(c)(4).
About Chinook Therapeutics, Inc.Chinook
Therapeutics, Inc. is a clinical-stage biopharmaceutical company
developing precision medicines for kidney diseases. Chinook’s
product candidates are being investigated in rare, severe chronic
kidney disorders with opportunities for well-defined clinical
pathways. Chinook’s lead program is atrasentan, a phase 3
endothelin receptor antagonist for the treatment of IgA nephropathy
and other proteinuric glomerular diseases. BION-1301, an anti-APRIL
monoclonal antibody is being evaluated in a phase 1b trial for IgA
nephropathy. In addition, Chinook is advancing CHK-336, an oral
small molecule LDHA inhibitor for the treatment of primary
hyperoxaluria, as well as research programs for other rare, severe
chronic kidney diseases. Chinook is building its pipeline by
leveraging insights in kidney single cell RNA sequencing,
human-derived organoids and new translational models, to discover
and develop therapeutics with differentiating mechanisms of action
against key kidney disease pathways. To learn more, visit
www.chinooktx.com.
Contact:Noopur LiffickVice President, Investor
Relations & Corporate Communicationsinvestors@chinooktx.com
media@chinooktx.com
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