Venaxis Reports Option Inducement Grants for New Employees Under NASDAQ Listing Rule 5635(c)(4)
CASTLE ROCK, Colo., Sept. 23, 2016 /PRNewswire/ -- Venaxis®, Inc. (Nasdaq: APPY), announced that on September 21, 2016, the Company approved the grant of stock options to six new employees, hired in connection with the Company's acquisition of BiOptix Diagnostics, Inc., to purchase an aggregate of 95,000 shares of common stock. The stock options were granted as inducement grants material to the new employees entering into employment with the Company, as permitted under NASDAQ Listing Rule 5635(c)(4). One award recipient, Richard Whitcomb, Senior Vice President of the company and a newly appointed executive officer, was granted stock options to acquire 35,000 shares of the Company's common stock.
Each of the stock option grants to the new employees, which are made outside of the Company's 2002 Stock Incentive Plan, as amended, has the following material terms. The exercise price of the stock options granted is $3.78 per share, the closing trading price of the Company's common stock on the date of grant, September 21, 2016. The stock options are subject to a two (2) year vesting schedule with 50% of each of the stock options vesting and becoming excercisable at the six (6) month anniversary of the date of grant, and the balance of the options vesting ratably in quarterly installments over the following six quarters. The stock options have a term of ten (10) years after the date of grant, subject to earlier termination of employment or cessation of service with the Company.
About Venaxis, Inc.--Venaxis, Inc., through its operating subsidiary BiOptix Diagnostics, Inc., has developed an Enhanced Surface Plasmon Resonance ("SPR") instrument designed to increase the flexibility and reliability of SPR, in order to address the increasing demand for instruments suitable for a broader range of applications, while offering far greater performance per dollar than other instruments commercially available. BiOptix SPR biosensors shed light on important binding parameters that are crucial for determining whether a biologic or small molecule drug will be efficacious in humans and at what dose a drug should be administered.
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SOURCE Venaxis, Inc.