Seneca Biopharma Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4)
GERMANTOWN, Md., April 1, 2020 /PRNewswire/ -- Seneca Biopharma, Inc. (Nasdaq: SNCA), a clinical-stage biopharmaceutical company developing novel treatments for diseases of high unmet medical need, announced today, that the Compensation Committee of the Board of Directors of Seneca approved the issuance of non-qualified inducement stock options to Matthew W. Kalnik, Ph.D. and Dane R. Saglio pursuant to their respective employment agreements with the Company.
On April 1, 2019, the grant date ("Grant Date"), Dr. Kalnik received options to purchase 282,840 shares of common stock and Mr. Saglio received options to purchase 70,710 shares of common stock. The options issued to Dr. Kalnik and Mr. Saglio each have an exercise price of $0.6199 per share (the closing price of the common stock on the Grant Date), a term of ten (10) years, and vest as follows: (i) one quarter (1/4) on the Grant Date and (ii) three quarters (3/4) on a monthly basis over the thirty-six (36) month period following the Grant Date.
Additionally, the options contain anti-dilution provisions which provide that for a period of nine (9) months from the issuance date, the number of shares underlying the grant will be subject to adjustment in order for each optionee to maintain his ownership percentage in the event that (i) the company approves the issuance of any common stock (including via exercise, conversion or exchange) or (ii) there is any exercise, conversion or exchange of common stock equivalents that are issued and outstanding prior to the expiration of such nine (9) month anti-dilution period.
About Seneca Biopharma, Inc.
Seneca Biopharma, Inc. is a clinical-stage biopharmaceutical company developing novel treatments for various diseases of high unmet medical need. The Company is in the process of transforming the organization through the acquisition or in-licensing of new science and technologies for development under its seasoned management team, with the goal of providing meaningful therapies for patients.
Cautionary Statement Regarding Forward Looking Information:
This news release contains "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "seek" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include the completion of the offering, including the satisfaction of the closing conditions, and the use of anticipated proceeds, risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, market conditions, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Seneca's periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2019, as well as our Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission (SEC), and in other reports filed with the SEC. We do not assume any obligation to update any forward-looking statements, except as required by law.
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SOURCE Seneca Biopharma, Inc.
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