Madrigal Pharmaceuticals Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
28 November 2023 - 8:30AM
Madrigal Pharmaceuticals, Inc. (NASDAQ:MDGL), a clinical-stage
biopharmaceutical company pursuing novel therapeutics for
nonalcoholic steatohepatitis (NASH), today announced that the
company granted equity awards to (i) Carole Huntsman, the Company’s
new Chief Commercial Officer and Senior Vice President and (ii)
twelve other new employees, in each case with a grant date of
November 20, 2023, as equity inducement awards under the terms of
the company's 2023 Inducement Plan. The equity awards were approved
in accordance with Nasdaq Listing Rule 5635(c)(4).
The equity awards were granted as inducement material to Ms.
Huntsman’s and the other employees’ acceptance of employment with
the company. Ms. Huntsman received options to purchase 10,077
shares of Madrigal’s common stock, and 7,834 time-based restricted
stock units. The other new employees received, in the aggregate,
options to purchase 5,441 shares of Madrigal’s common stock and
11,397 time-based restricted stock units. All such options have an
exercise price of $190.05 per share, and vest as follows (i) 25% of
the option shares will vest on the first anniversary of the date of
grant and (ii) 6.25% of the option shares shall vest on each
quarterly anniversary following the first anniversary of the date
of grant. All such restricted stock units vest in a 25% increment
on each of the first through fourth anniversaries of the grant
date. The vesting of all awards described above shall be subject to
each such employee’s continued employment as of the vesting
date.
About Madrigal Pharmaceuticals
Madrigal Pharmaceuticals, Inc. (Nasdaq: MDGL) is a
clinical-stage biopharmaceutical company pursuing novel
therapeutics for nonalcoholic steatohepatitis (NASH), a liver
disease with high unmet medical need. Madrigal’s lead candidate,
resmetirom, is a liver-directed THR-β agonist oral therapy that is
designed to target key underlying causes of NASH. For more
information, visit www.madrigalpharma.com.
Investor Contact Alex Howarth, Madrigal
Pharmaceuticals, Inc., IR@madrigalpharma.com
Media ContactChristopher Frates, Madrigal
Pharmaceuticals, Inc., media@madrigalpharma.com
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