Le Lézard
Classified in: Health, Science and technology
Subject: Share Issue

Zymeworks Reports Inducement Grant Under New York Stock Exchange Listed Company Manual Rule


Zymeworks Inc. (NYSE: ZYME), a clinical-stage biopharmaceutical company developing multifunctional biotherapeutics, today reported, as required by the New York Stock Exchange Listed Company Manual Rule 303A.08 (the "NYSE Rule"), an equity inducement award to Mr. Kenneth Galbraith, Zymeworks' new Chair, President and Chief Executive Officer.

In accordance with the NYSE Rule, Zymeworks approved the grant of the following equity award to Mr. Galbraith as a material inducement to Mr. Galbraith entering into employment with Zymeworks: effective as of the date his employment with Zymeworks began, a stock option to purchase 500,000 of the company's common shares (the "Options"). The Options have an exercise price per share of $14.97, which equals the closing price of the company's common shares on January 14, 2022, and have a maximum term of 10 years. Mr. Galbraith's employment with the company began on January 15, 2022 (the "Start Date").

The Options will vest over a four-year period as follows: (i) 1/4 of the Options will vest on the one-year anniversary of the Start Date and (ii) 1/36 of the remaining Options will vest on the last day of each month following the one-year anniversary of the Start Date until all of the Options have vested, subject to Mr. Galbraith's continued service. In addition, (i) if there is a change of control and within 12 months following, or within three months prior to, such change of control, his employment is terminated by the company without cause or (ii) upon his death or disability, 100% of the unvested Options will become fully vested as of the termination of his employment or the date of his death or disability, as applicable.

The Options were granted outside of the company's Amended and Restated Stock Option and Equity Compensation Plan (the "Current Plan") under the recently adopted Zymeworks Inc. Inducement Stock Option and Equity Compensation Plan and related option agreement, but will be subject to terms and conditions generally consistent with those in the Current Plan other than with respect to such other terms and conditions intended to comply with the NYSE inducement award exception.

About Zymeworks Inc.

Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Zymeworks' suite of therapeutic platforms and its fully integrated drug development engine enable precise engineering of highly differentiated product candidates. Zymeworks' lead clinical candidate, zanidatamab, is a novel Azymetrictm HER2-targeted bispecific antibody currently being evaluated in multiple Phase 1, Phase 2, and pivotal clinical trials globally as a targeted treatment option for patients with solid tumors that express HER2. Zymeworks' second clinical candidate, ZW49, is a novel bispecific HER2?targeted antibody-drug conjugate currently in Phase 1 clinical development and combines the unique design and antibody framework of zanidatamab with Zymeworks' proprietary ZymeLinktm linker and cytotoxin. Zymeworks is also advancing a deep preclinical pipeline in oncology (including immuno-oncology agents) and other therapeutic areas. In addition, its therapeutic platforms are being leveraged through strategic partnerships with global biopharmaceutical companies. For more information on our ongoing clinical trials visit www.zymeworksclinicaltrials.com. For additional information about Zymeworks, visit www.zymeworks.com and follow @ZymeworksInc on Twitter.


These press releases may also interest you

at 08:30
Members of the bit.bio were celebrating last week to mark their double win at the Cambridge Independent Science and Technology Awards this month. At the ceremony on Wednesday 11 May in Cambridge, the company took home the Biotech of the Year Award...

at 08:25
Pioneering a new world of decentralized charity platforms, GreenWorld is integrating the best blockchain features with the most forward-thinking approach, growing a community around purpose and action. In the face of incredible multi ecosystem...

at 08:20
Sedai, the first autonomous cloud management company, today announced that it has been named a Gartner Cool Vendor in the ?Cool Vendorstm in Observability and Monitoring for Logging and Containers' report [1]. "It's an honor to be recognized as a...

at 08:18
Infosys , a global leader in next-generation digital services and consulting, today announced it has been selected by Backcountry, a premier online retailer of outdoor gear and apparel, to deliver a seamless and secure digital experience making it...

at 08:15
Kinesso, IPG's connected intelligence company, today announced the appointment of four new Regional CEOs. Executives previously in Matterkind leadership roles are being promoted to Kinesso Regional CEOs and will retain their Matterkind leadership...

at 08:15
Guardant Health, Inc. , a leading precision oncology company, announced today it will present new data at the 2022 American Society of Clinical Oncology (ASCO) Annual Meeting from June 3-7 in Chicago. Among the 19 abstracts are oral presentations...



News published on 15 january 2022 at 08:35 and distributed by: