ANN ARBOR –Millendo Therapeutics Inc. (Nasdaq: MLND), the Ann Arbor pharmaceutical company developing treatments for endocrine diseases, announced the grant of inducement stock options to three new employees of the company totaling 51,200 new shares.
The employees will be given the right to purchase stock at $8.80 a share, with 25 percent of the options vesting on each employee’s first anniversary of employment, and vesting 25 percent more on each of the second, third, and fourth anniversary of employment. The company said the options have a 10-year term.
The company also announced the grant on Dec. 7 of an option to purchase 74,400 shares of Millendo stock to CFO Louis J. Arcudi III. The option has an exercise price of $10.395 per share, the closing price of the company’s stock on Dec. 7. They will vest 25 percent on Nov. 5, with the rest of the options vesting over the subsequent 36 months, subject to Arcudi continuing to work at Millendo.
Millendo is currently developing a drug called livoletide for the treatment of Prader-Willi syndrome, a genetic defect that causes intellectual disability and short stature, and a drug called nevanimibe for the treatment of classic congenital adrenal hyperplasia and endogenous Cushing’s syndrome, a disease caused by the body producing too much cortisol, and whose symptoms include weight gain and high blood pressure.
Last year, Millendo merged with OvaScience, a fertility drug developer in Waltham, Mass.
For more information on the company, visit www.millendo.com.