Baudax Bio Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
MALVERN, Pa., July 03, 2020 (GLOBE NEWSWIRE) -- Baudax Bio, Inc. (Nasdaq: BXRX), a pharmaceutical company focused on therapeutics for acute care settings, today announced that the Compensation
Committee of Baudax Bio’s Board of Directors approved inducement grants of stock options to purchase an aggregate of 450,816 shares of Baudax Bio’s common stock and restricted stock units covering
119,923 shares of Baudax Bio’s common stock to 57 newly-hired employees, with a grant date of June 30, 2020. The equity awards were granted pursuant to the NASDAQ Rule 5635(c)(4) inducement
grant exception as a component of each individual’s employment compensation and were granted as an inducement material to his or her acceptance of employment with Baudax Bio.
The options have an exercise price equal to $4.15 per share, the closing price of Baudax Bio’s common stock as reported by NASDAQ on June 30, 2020. The options have a ten-year term and vest over four years, with 25% of the number of shares underlying the stock option vesting on the one-year anniversary of the grant date and the remaining shares vesting monthly over 36 months thereafter. The restricted stock units vest annually over four years. The equity awards are subject to each individual’s continued service with Baudax Bio through the applicable vesting dates.
About Baudax Bio, Inc.
Baudax Bio is a specialty pharmaceutical company focused on therapeutics for acute care settings. The Company’s first commercial product, ANJESO, had its New Drug Application approved by FDA on February 20, 2020 for the management of moderate to severe pain, alone or in combination with other non-NSAID analgesics. ANJESO is a once daily IV NSAID with preferential Cox-2 activity, which has successfully completed three Phase III clinical trials, including two pivotal efficacy trials, a large double-blind Phase III safety trial and other studies for the management of moderate to severe pain. As a non-opioid, IV meloxicam has the potential to overcome many of the issues associated with commonly prescribed opioid therapeutics, including respiratory depression, constipation, excessive nausea and vomiting, as well as having no addictive potential while maintaining meaningful analgesic effects for relief of pain. For more information please visit www.baudaxbio.com.
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