DUBLIN, Ireland and KING OF PRUSSIA, Pa. and SAN DIEGO, July 25, 2018 (GLOBE NEWSWIRE) -- Nabriva Therapeutics plc (NASDAQ:NBRV), a clinical stage biopharmaceutical company engaged in the research and development of novel anti-infective agents to treat serious infections, today announced that Nabriva Therapeutics granted Theodore Schroeder, its newly appointed Chief Executive Officer, a non-statutory option to purchase 850,000 ordinary shares of Nabriva Therapeutics and 150,000 performance-based restricted share units, in each case effective as of July 25, 2018, the first business day following the closing of the acquisition of Zavante Therapeutics, Inc. (“Zavante”). These equity awards were granted outside of Nabriva Therapeutics’ 2017 Share Incentive Plan, were approved by Nabriva Therapeutics’ compensation committee and board of directors and were made as an inducement material to Mr. Schroeder’s entering into employment with Nabriva Therapeutics on July 24, 2018 in accordance with Nasdaq Listing Rule 5635(c)(4).
The exercise price per share for the share option is equal to the closing price of Nabriva Therapeutics’ ordinary shares on the Nasdaq Global Select Market on the effective date of grant. The option award will have a ten-year term and will vest over a four-year period, with 25% of the shares underlying the award vesting on the first anniversary of the closing of the Zavante acquisition and the remaining 75% of the shares underlying the option award to vest monthly over the subsequent 36-month period.
The performance-based restricted share units are subject to vesting as follows: 50% will vest upon certification by the board of directors of the receipt of approval by the United States Food and Drug Administration (the “FDA”) of a new drug application for each of lefamulin and CONTEPO for any indication, and 50% will vest on the first anniversary of such certification by the board of directors, provided, in each case, that Mr. Schroeder is performing services to Nabriva Therapeutics on the applicable vesting dates. If the FDA does not approve a new drug application for both lefamulin and CONTEPO by January 31, 2020, the performance-based restricted share units will terminate in full.
About Nabriva Therapeutics plc
Nabriva Therapeutics is a clinical stage biopharmaceutical company engaged in the research and development of novel anti-infective agents to treat serious infections.
Any statements in this press release about future expectations, plans and prospects for Nabriva Therapeutics and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and conduct of clinical trials, availability and timing of data from clinical trials, whether results of early clinical trials or studies in different disease indications will be indicative of the results of ongoing or future trials, whether results of ZEUS will be indicative of results for any ongoing or future clinical trials and studies of CONTEPO, uncertainties associated with regulatory review of clinical trials and applications for marketing approvals, the availability or commercial potential of product candidates including lefamulin for use as a first-line empiric monotherapy for the treatment of moderate to severe CABP and CONTEPO for the treatment of cUTI, the sufficiency of cash resources and need for additional financing and such other important factors as are set forth in Nabriva Therapeutics’ annual and quarterly reports and other filings on file with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Nabriva Therapeutics’ views as of the date of this press release. Nabriva Therapeutics anticipates that subsequent events and developments will cause its views to change. However, while Nabriva Therapeutics may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nabriva Therapeutics’ views as of any date subsequent to the date of this press release.
Nabriva Therapeutics plc
Source: Nabriva Therapeutics US, Inc