Company Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
BURNABY, British Columbia, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Xenon Pharmaceuticals Inc. (XENE), a clinical stage biopharmaceutical company, announced that Shelley McCloskey has joined the company’s leadership team as Senior Vice President, Human Resources.
Ms. McCloskey has extensive human resources leadership experience in the life sciences and high-tech industries. Most recently, Ms. McCloskey was Vice President, Human Resources and Administration at Aquinox Pharmaceuticals, Inc. from 2015 to 2018. Previously, she was Vice President, Human Resources from 2010 to 2015 at STEMCELL Technologies Inc., Canada’s largest life sciences company by number of employees, with operations in North America, Europe and Asia Pacific. Prior to joining Stemcell, Ms. McCloskey was Vice President, Human Resources at Xantrex Technology Inc., a publicly traded global advanced renewable energy and power electronics company acquired by Schneider Electric for C$500M in 2008. From 2000 to 2005, Ms. McCloskey served as Vice President, Human Resources and Information Systems at Inex Pharmaceuticals Inc., a publicly traded biopharmaceutical company.
Dr. Simon Pimstone, Xenon’s Chief Executive Officer, said, “I am pleased to welcome Shelley to our senior leadership team at Xenon, where she will contribute her strategic human resources skills gained over almost 20 years at companies with global, cross-border, and commercial operations in the biopharmaceutical sector. Shelley’s experience will support our continued growth as we build capabilities across the company to advance multiple, neurology-focused products in clinical development.”
About Xenon Pharmaceuticals Inc.
We are a clinical stage biopharmaceutical company committed to developing innovative therapeutics to improve the lives of patients with neurological disorders, including rare central nervous system (CNS) conditions. We are advancing a novel product pipeline of neurology therapies to address areas of high unmet medical need, with a focus on epilepsy. For more information, please visit www.xenon-pharma.com.
Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
In connection with Ms. McCloskey’s appointment, effective September 16, 2019, the Compensation Committee of the Company’s Board of Directors granted Ms. McCloskey an option to purchase 50,000 common shares at an exercise price of $9.44 per common share, which is equal to the closing price of the Company’s common shares on September 16, 2019. The shares underlying the option vest over four years, with 25% vesting on the one-year anniversary of the date of grant (September 16, 2019) and 1/36th of the remaining shares vesting monthly thereafter, such that the option will be fully vested by the fourth anniversary of the date of grant, subject to her continued service relationship with the Company. The option has a 10-year term and is subject to the terms and conditions of the share option agreement and the terms of the Company’s 2019 Inducement Equity Incentive Plan.
In addition to Ms. McCloskey’s grant, effective September 16, 2019, the Compensation Committee of the Company’s Board of Directors also approved the grant of inducement share options to purchase a total of 105,250 common shares to 13 new non-officer employees at an exercise price of $9.44 per common share, which is equal to the closing price of the Company’s common shares on September 16, 2019. The shares underlying the options vest over four years, with 25% vesting on the one-year anniversary of the date of grant (September 16, 2019) and 1/36th of the remaining shares vesting monthly thereafter, such that the option will be fully vested by the fourth anniversary of the date of grant, subject to such option recipient’s continued service relationship with the Company. Each option has a 10-year term and is subject to the terms and conditions of the share option agreement and the terms of the Company’s 2019 Inducement Equity Incentive Plan.
All of the foregoing share options were granted as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. These forward-looking statements and supporting assumptions are not based on historical fact, and include statements regarding our management and prospects, the progress and potential of our pipeline and ongoing development programs, the potential efficacy, safety profile, future development plans, addressable market, regulatory success and commercial potential of our product candidates. These forward-looking statements are based on current assumptions that involve risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: clinical trials may not demonstrate safety and efficacy of any of our or our collaborators' product candidates; our assumptions regarding our planned expenditures and sufficiency of our cash to fund operations may be incorrect; our ongoing discovery and pre-clinical efforts may not yield additional product candidates; any of our or our collaborators' product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; we may not achieve additional milestones in our proprietary or partnered programs; regulatory agencies may not permit certain of our product candidates to advance directly into a Phase 2 or later clinical trials, may impose additional requirements or delay the initiation of clinical trials; the impact of competition; the impact of expanded product development and clinical activities on operating expenses; adverse conditions in the general domestic and global economic markets; as well as the other risks identified in our filings with the Securities and Exchange Commission and the securities commissions in British Columbia, Alberta and Ontario. These forward-looking statements speak only as of the date hereof and we assume no obligation to update these forward-looking statements, and readers are cautioned not to place undue reliance on such forward-looking statements.
“Xenon” and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in various jurisdictions. All other trademarks belong to their respective owner.
Xenon Pharmaceuticals Inc.