SAN FRANCISCO, CA / ACCESSWIRE / June 19, 2020 / Jaguar Health, Inc. (JAGX) ("Jaguar" or the "Company") announced today that the Board of Directors of the Company (the "Board") adopted the Jaguar Health, Inc. New Employee Inducement Award Plan (the "Inducement Award Plan"), effective June 16, 2020, under which the Company may grant inducement equity awards outside the Jaguar Health, Inc. Amended and Restated 2014 Stock Incentive Plan. The Inducement Award Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of the Company (or following a bona fide period of non-employment) as an inducement material to such individual's entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
In addition, effective June 16, 2020, the Company has granted a nonstatutory stock option for the purchase of up to 3,318 shares of the Company's common stock to one new employee as an inducement award under the Company's Inducement Award Plan. The nonstatutory stock option was granted as an inducement material to the new employee's acceptance of employment with the Company and was approved by the Compensation Committee of the Board. The nonstatutory stock option has an exercise price of $0.524 per share, representing the closing price of Jaguar's common stock as reported by Nasdaq on the grant date. The nonstatutory stock option award has a 10-year term and vests over 3 years, with 25% of the original number of shares vesting on March 30, 2021 and the remainder vesting in equal monthly installments over the following 27 months. Vesting of the nonstatutory stock option is subject to the employee's continued service with Jaguar through the applicable vesting dates.
About Jaguar Health, Inc.
Jaguar Health, Inc. is a commercial stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived gastrointestinal products on a global basis. Our wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Our Mytesi® (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy and the only oral plant-based prescription medicine approved under FDA Botanical Guidance.
Mytesi (crofelemer) is an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Mytesi is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi. If infectious etiologies are not considered, there is a risk that patients with infectious etiologies will not receive the appropriate therapy and their disease may worsen. In clinical studies, the most common adverse reactions occurring at a rate greater than placebo were upper respiratory tract infection (5.7%), bronchitis (3.9%), cough (3.5%), flatulence (3.1%), and increased bilirubin (3.1%).
See full Prescribing Information at Mytesi.com. Crofelemer, the active ingredient in Mytesi, is a botanical (plant-based) drug extracted and purified from the red bark sap of the medicinal Croton lechleri tree in the Amazon Rainforest. Napo has established a sustainable harvesting program for crofelemer to ensure a high degree of quality and ecological integrity.
Certain statements in this press release constitute "forward-looking statements." In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. Jaguar has based these forward-looking statements largely on its current expectations and projections about future events. These forward-looking statements speak only as of the date of this release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond Jaguar's control. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Jaguar Health, Inc.
SOURCE: Jaguar Health, Inc.
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