Chinook Therapeutics Announces New Employment Inducement Grant Under Nasdaq Listing Rule 5635(c)(4) - Apr 01, 2021
VANCOUVER, British Columbia and SEATTLE, April 01, 2021 (GLOBE NEWSWIRE) -- Chinook Therapeutics, Inc. (Nasdaq: KDNY), a biopharmaceutical company focused on the discovery, development and commercialization of precision medicines for kidney diseases, today announced that the Compensation Committee of the Company’s Board of Directors approved new employment inducement grants of stock options to purchase a total of 83,599 shares of common stock with a grant date of March 31, 2021 (the “Inducement Grants”) for two new employees.
The stock options approved under the Inducement Grants were issued on terms substantially similar to Chinook’s 2015 Equity Incentive Plan and have an exercise price per share equal to $15.54, the closing price per share of Chinook’s common stock on the grant date. The stock options vest over four years, with 25% vesting on each employee’s start date and 1/36th of the shares vesting monthly thereafter, subject to each employee’s continued employment on each such date. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement.
The Company granted the stock options as a material inducement to these employees for entering into employment with Chinook Therapeutics, Inc. in accordance with Nasdaq listing Rule 5635(c)(4).
About Chinook Therapeutics, Inc.
Chinook Therapeutics, Inc. is a clinical-stage biotechnology company developing precision medicines for kidney diseases. Chinook’s product candidates are being investigated in rare, severe chronic kidney disorders with opportunities for well-defined clinical pathways. Chinook’s lead program is atrasentan, a phase 3 endothelin receptor antagonist for the treatment of IgA nephropathy and other proteinuric glomerular diseases. BION-1301, an anti-APRIL monoclonal antibody is being evaluated in a phase 1b trial for IgA nephropathy. In addition, Chinook is advancing CHK-336, an oral small molecule LDHA inhibitor for the treatment of primary hyperoxaluria, as well as research programs for other rare, severe chronic kidney diseases. Chinook is building its pipeline by leveraging insights in kidney single cell RNA sequencing, human-derived organoids and new translational models, to discover and develop therapeutics with differentiating mechanisms of action against key kidney disease pathways. To learn more, visit www.chinooktx.com.