Albireo Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
BOSTON, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Albireo Pharma, Inc. (Nasdaq: ALBO), a rare liver disease company developing novel bile acid modulators to treat pediatric and adult liver diseases, today announced the grant to its newly appointed Chief Medical Officer, Paul D. Streck, M.D., of inducement restricted stock units to acquire 63,966 shares of Albireo’s common stock. The restricted stock units were granted as an inducement material to Dr. Streck’s acceptance of employment with Albireo in accordance with Nasdaq Listing Rule 5635(c)(4). The restricted stock units vest over a four-year period, subject to the employee’s continued service with Albireo through the applicable vesting dates. The vesting schedule for each restricted stock unit is 25 percent on the one-year anniversary of the employee’s start date with Albireo and 75 percent in 12 equal quarterly installments thereafter. The restricted stock units are subject to the terms and conditions of Albireo’s 2020 Inducement Equity Incentive Plan.
Albireo Pharma is a rare disease company focused on the development of novel bile acid modulators to treat pediatric and adult liver diseases. Albireo’s lead product, Bylvay, was approved by the U.S. FDA as the first drug for the treatment of pruritus in all types of progressive familial intrahepatic cholestasis (PFIC), and in Europe for the treatment of PFIC. Bylvay is also being developed to treat other rare pediatric cholestatic liver diseases with a completed Phase 3 trial in Alagille syndrome (ALGS), an ongoing Phase 3 study in biliary atresia, as well as Open-label Extension (OLE) studies for PFIC and ALGS. The Company has also completed a Phase 1 clinical trial for A3907 to advance development in adult cholestatic liver disease, with IND-enabling studies progressing with A2342 for viral and cholestatic liver disease. Albireo was spun out from AstraZeneca in 2008 and is headquartered in Boston, Massachusetts, with its key operating subsidiary in Gothenburg, Sweden. For more information on Albireo, please visit www.albireopharma.com.
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