Iterum Therapeutics Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
07 July 2022 - 6:30AM
Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), 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 10,000 ordinary shares of the
Company 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 July
5, 2022 with an exercise price of $0.22 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 on August 30, 2023, subject to the
employee's continued service with the Company through the vesting
date. The share option was approved by the Company’s 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 Company’s 2021 Inducement Equity Incentive Plan.
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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