(MENAFN- GlobeNewsWire - Nasdaq) Company Release no. 13/2019
To: NASDAQ Copenhagen A/S
Copenhagen, Denmark, 13 August 2019
Veloxis Pharmaceuticals A/S Grants Warrants Under Existing Warrant Program
Today, the Board of Directors of Veloxis Pharmaceuticals A/S has decided to issue and grant warrants to current employees of the Company under the existing Warrant Program covered by the authority under section 5F of the Company's Articles of Association. Thus, the Board of Directors of the Company has today partly exercised its authorization pursuant to the Articles of Association.
The purpose of the grant of warrants is to reflect the Company's objective to incentivize long-term shareholder value creation. The grant of warrants shall ensure to create - both in the short and in the long run - common interests between the employees and the shareholders of the Company.
A total of 8,160,000 warrants have been issued, giving the right to subscribe for up to 8,160,000 shares of nominally DKK 0.1 each. The exercise price is fixed at DKK 3.46.
The warrant holders earn the right to exercise the warrants with 1/36 per month as from the date of grant, 13 August 2019. Warrants which are not exercised by 13 August 2026 expire automatically.
The issued warrants are estimated to have a total market value of USD 1,713,968. The market value of the issued warrants is calculated on basis of the Black-Scholes model with a volatility calculated as 51.52%, an interest level of 0% and a share price of DKK 3.46.
For more information, please contact:
| Craig A. Collard | | Ira Duarte |
| President & CEO | | CFO |
| Phone: + 1 919 591 3090 | | Phone: +1 919 591 3090 |
| Email: | | Email: |
About Veloxis Pharmaceuticals
Veloxis Pharmaceuticals A/S is a commercial-stage specialty pharmaceutical company committed to improving the lives of transplant patients. A Danish company, Veloxis Pharmaceuticals A/S operates in the U.S. through Veloxis Pharmaceuticals Inc., a wholly-owned subsidiary headquartered in Cary, North Carolina, USA. Veloxis has successfully developed Envarsus XR (tacrolimus extended-release tablets) based upon the company's unique and patented delivery technology, MeltDose®, which is designed to enhance the absorption and bioavailability of select orally administered drugs. The company is focused on the direct commercialization of Envarsus XR in the U.S., expansion of partnerships for markets around the world, and acquisition of assets utilized in transplant patients and by adjacent medical specialties. Veloxis is listed on the NASDAQ OMX Copenhagen under the trading symbol OMX: VELO. For further information, please visit www.veloxis.com .
Attachment
2019.08.13 Company Release No 13 - Veloxis Pharmaceuticals AS Grants Warrants Under Existing Warrant Program
MENAFN1308201900703653ID1098880022
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