02/06/2023 | Press release | Distributed by Public on 02/06/2023 07:07
BURLINGTON, Mass., Feb. 06, 2023 (GLOBE NEWSWIRE) -- scPharmaceuticals Inc. (Nasdaq: SCPH) ("scPharmaceuticals" or the "Company"), a pharmaceutical company focused on developing and commercializing products that have the potential to optimize therapies, advance patient care, and reduce healthcare costs, today announced that on February 1, 2023, the Compensation Committee of scPharmaceuticals' board of directors granted inducement equity grants consisting of stock options to purchase an aggregate of 142,500 shares of its common stock to 38 new employees.
These stock options are subject to the terms of the scPharmaceuticals Inc. 2023 Employment Inducement Award Plan (the "Inducement Plan").
The Inducement Plan is used exclusively for the grant of equity awards to individuals as an inducement material to their entering into employment with scPharmaceuticals pursuant to Nasdaq Listing Rule 5635(c)(4). The Inducement Plan was adopted by scPharmaceuticals' board of directors in February 2023.
The stock options have an exercise price of $6.84 per share. Each option will vest (subject to the applicable individual's continued service through the applicable vesting date) as to 25% of the total number of shares subject to the option on the first anniversary of the applicable individual's employment start date with the Company, with the remaining shares subject to the option vesting in 36 equal monthly installments thereafter, such that the shares subject to the option are fully vested on the fourth anniversary of the applicable individual's employment start date with the Company.
scPharmaceuticals is a pharmaceutical company focused on developing and commercializing products that are designed to reduce healthcare costs and improve health outcomes. The Company develops, internally and through strategic partnerships, innovative products and solutions that aim to expand and advance the outpatient care of select acute conditions. The Company's lead programs focus on the subcutaneous, self-administration of IV-strength treatments in heart failure and infectious disease. scPharmaceuticals is headquartered in Burlington, MA. For more information, please visit www.scPharmaceuticals.com.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements.
Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that results of a clinical study do not necessarily predict final results and that one or more of the clinical outcomes may materially change following more comprehensive reviews of the data, and as more patient data become available, the risk that results of a clinical study are subject to interpretation and additional analyses may be needed and/or may contradict such results, the risk of the ability of the FUROSCIX On-Body Infusor to appropriately deliver therapy, the receipt of regulatory approval for any of our product candidates or, if approved, the successful commercialization of such products, the risk of cessation or delay of any of the ongoing or planned clinical trials and/or our development of our product candidates, the risk that the results of previously conducted studies will not be repeated or observed in ongoing or future studies involving our product candidates, and the risk that the current COVID-19 pandemic will impact the Company's device validation, drug stability testing, and other operations. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 on file with the Securities and Exchange Commission, available at the Securities and Exchange Commission's website at www.sec.gov and as well as discussions of potential risks, uncertainties and other important factors in the Company's subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law.
scPharmaceuticals Inc., 781-301-6706
LifeSci Advisors, 617-430-7578