WALTHAM,
Mass., Oct. 4, 2024 /PRNewswire/ -- Spyre
Therapeutics, Inc. (NASDAQ: SYRE) (the "Company" or "Spyre"), a
clinical-stage biotechnology company utilizing best-in-class
antibody engineering, rational therapeutic combinations, and
precision medicine approaches to target improved efficacy and
convenience in the treatment of Inflammatory Bowel Disease ("IBD"),
today announced that Spyre's independent Compensation Committee of
the Board of Directors approved the grants of (i) stock options to
purchase 400,000 shares of common stock of Spyre to Dr.
Sheldon Sloan in connection with his
appointment as Chief Medical Officer and (ii) stock options to
purchase an aggregate of 129,000 shares of common stock of Spyre to
four non-executive employees, in each case, as equity inducement
awards under the Spyre Therapeutics, Inc. 2018 Equity Inducement
Plan, as amended (the "2018 Plan"). The stock options were approved
on October 1, 2024 and were material
to each employee's acceptance of employment with Spyre, in
accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options were granted with a 10-year term and an
exercise price equal to $27.46, the
closing price per share of Spyre's common stock as reported by
Nasdaq on October 1, 2024. The
options granted to each employee shall vest and become exercisable
as to one-fourth (1/4th) of the shares subject to the respective
options on the first anniversary of the employee's start date, and
one-forty-eighth (1/48th) of the shares subject to the respective
options shall vest and become exercisable monthly thereafter, in
each case, subject to continuous service with Spyre through
the applicable vesting dates. The stock options are subject to the
terms of the 2018 Plan.
About Spyre Therapeutics
Spyre Therapeutics is a
clinical-stage biotechnology company that aims to create
next-generation inflammatory bowel disease (IBD) products by
combining best-in-class antibody engineering, rational therapeutic
combinations, and precision medicine approaches. Spyre's pipeline
includes extended half-life antibodies targeting α4β7, TL1A, and
IL-23. For more information, visit Spyre's website at
www.spyre.com.
Follow Spyre Therapeutics on social media: @spyretx and
LinkedIn
For Investors:
Eric McIntyre
VP of Finance and Investor Relations
Spyre Therapeutics
Eric.mcintyre@spyre.com
For Media:
Peg Rusconi
Peg.rusconi@vergescientific.com
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SOURCE Spyre Therapeutics, Inc.