UroGen Pharma Ltd. (Nasdaq: URGN), a biotech company focused on developing and commercializing innovative treatments for urothelial and specialty cancers, today announced the granting of inducement restricted stock units (RSUs) and an option to 15 new employees as part of their employment with UroGen. These new hires will support the ongoing commercialization of Jelmyto® (mitomycin) for pyelocalyceal solution, UroGen’s first approved product, and the continued development of the company’s pipeline.
A total of up to 52,500 ordinary shares of UroGen will be issuable upon the vesting and settlement of RSUs granted to 14 of the 15 new employees. These RSUs will vest equally over three years, with one-third of the shares vesting annually on the anniversary of the vesting date, contingent upon the employee’s continued service with UroGen.
Additionally, up to 13,041 ordinary shares will be issuable upon the vesting and settlement of RSUs, and up to 71,942 ordinary shares will be issuable upon the vesting and exercise of an option granted to David Lin, UroGen’s Chief Commercial Officer. The exercise price of the option is $13.13, the closing price of the ordinary shares on June 3, 2024, the grant date, as reported on The Nasdaq Stock Market. The RSUs and option granted to Mr. Lin will vest over three years, with one-third of the shares vesting each year on the anniversary of the vesting date, subject to Mr. Lin’s continued service with UroGen.
The RSUs and option are subject to the terms and conditions of UroGen’s 2019 Inducement Plan, RSU grant notice and agreement, and stock option grant notice and agreement. These grants were made as an inducement for each employee to join UroGen, in compliance with Nasdaq Listing Rule 5635(c)(4).
UroGen Pharma Ltd. is a biotech company dedicated to developing and commercializing innovative solutions for treating urothelial and specialty cancers. UroGen has developed RTGel® reverse-thermal hydrogel, a proprietary sustained-release platform technology that has the potential to improve the therapeutic profiles of existing drugs. This technology aims to enable longer exposure of urinary tract tissues to medications, potentially making local therapy more effective. UroGen’s first commercial product, Jelmyto® (mitomycin) for pyelocalyceal solution, and its investigational treatment, UGN-102 (mitomycin) for intravesical solution for patients with low-grade non-muscle invasive bladder cancer, are designed to ablate tumors non-surgically. UroGen is headquartered in Princeton, New Jersey, with operations in Israel. For more information, visit www.urogen.com or follow UroGen on X (Twitter) @UroGenPharma.
