WIXOM, Mich., Aug. 19, 2021 (GLOBE NEWSWIRE) -- Rockwell Medical, Inc. (Nasdaq: RMTI) (“Rockwell Medical” or the “Company”), a biopharmaceutical company dedicated to transforming the treatment of iron deficiency and anemia management and improving outcomes for patients around the world, today announced that a majority of the independent directors serving on the Company’s Board of Directors approved the grant of an option to purchase 350,000 shares of the Company’s common stock to Megan C. Timmins, the Company’s Senior Vice President, General Counsel and Secretary (the “Inducement Grant”). The Inducement Grant has been granted outside of the Company’s 2018 Long Term Incentive Plan (“Plan”), but remains subject to the terms and conditions of such Plan. The Inducement Grant was granted as an inducement material to such individual’s entering into employment with Rockwell Medical in accordance with Nasdaq Listing Rule 5635(c)(4).
The Inducement Grant has an exercise price of $0.61, which is equal to the closing price of Rockwell Medical’s common stock on August 16, 2021, the date of grant of the award. The Inducement Grant will vest over a four-year period, with the shares vesting in two equal installments on the second and fourth anniversaries of August 16, 2021, subject to continued employment through the applicable vesting dates.
About Rockwell Medical
Rockwell Medical is a commercial-stage biopharmaceutical company developing and commercializing its next-generation parenteral iron technology platform, Ferric Pyrophosphate Citrate (FPC), which has the potential to lead transformative treatments for iron deficiency in multiple disease states, reduce healthcare costs and improve patients’ lives. The Company has two FDA-approved therapies indicated for patients undergoing hemodialysis, which are the first two products developed from the FPC platform. The Company is developing FPC for the treatment of iron deficiency in patients outside of dialysis, who are receiving intravenous medications in the home infusion setting, a large and rapidly growing segment of healthcare, and where these patients suffer from chronic diseases associated with high incidence of iron deficiency and anemia. In addition, Rockwell Medical is one of two major suppliers of life-saving hemodialysis concentrate products to kidney dialysis clinics in the United States. For more information, visit www.RockwellMed.com.
Source: Rockwell Medical, Inc.