MENLO PARK, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Dermira, Inc. (NASDAQ:DERM), a biopharmaceutical company dedicated to bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions, today announced that on May 7, 2018, the company granted inducement awards to 11 new employees. The grants were made pursuant to Dermira’s 2018 Equity Inducement Plan as an inducement material to the employees’ acceptance of employment with Dermira and were approved by the Compensation Committee of Dermira’s Board of Directors in accordance with Nasdaq Listing Rule 5635(c)(4).
The company granted restricted stock unit awards (RSUs) representing an aggregate of 125,000 shares of Dermira common stock and stock options to purchase an aggregate of 266,125 shares of Dermira common stock. Such grants included a grant of RSUs with respect to 80,000 shares of Dermira common stock and stock options to purchase 140,000 shares of Dermira common stock to Christopher Horan, Chief Technical Operations Officer.
One-third of the total number of shares subject to the RSUs will vest on May 17, 2019 and annually thereafter until fully vested on the third anniversary, subject to the employee’s continued service with Dermira on each such vesting date. One-fourth of the total number of shares underlying the stock options will vest on the one-year anniversary of the employee’s date of hire and 1/48th of the total number of shares underlying the stock options will vest each month thereafter until fully vested on the fourth anniversary of the employee’s date of hire, subject to the employee’s continued service with Dermira on each such vesting date. The stock options have a term of ten years and an exercise price of $10.14 per share, which is equal to the closing price of Dermira’s common stock on the grant date as reported by the Nasdaq Global Select Market.
Dermira is a biopharmaceutical company dedicated to bringing biotech ingenuity to medical dermatology by delivering differentiated, new therapies to the millions of patients living with chronic skin conditions. Dermira is committed to understanding the needs of both patients and physicians and using its insight to identify and develop leading-edge medical dermatology programs. Dermira’s pipeline includes two late-stage product candidates that could have a profound impact on the lives of patients: glycopyrronium tosylate (formerly DRM04), for which a New Drug Application is under review by the U.S. Food and Drug Administration for the treatment of primary axillary hyperhidrosis (excessive underarm sweating beyond what is needed for normal body temperature regulation), and lebrikizumab, in Phase 2b development for the treatment of moderate-to-severe atopic dermatitis. Dermira is headquartered in Menlo Park, Calif. For more information, please visit http://www.dermira.com. Follow @DermiraInc on Twitter and LinkedIn.
In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Dermira uses its website (www.dermira.com), LinkedIn page (https://www.linkedin.com/company/dermira-inc-) and corporate Twitter account (@DermiraInc) as channels of distribution of information about its company, product candidates, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Dermira may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Dermira’s website, LinkedIn page and Twitter account in addition to following its SEC filings, press releases, public conference calls and webcasts.
Vice President, Corporate Communications
Ian Clements, Ph.D.
Vice President, Investor Relations
Robert H. Uhl