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ORPHA - Orphazyme A/S News Story

DKK56 -44.0  -44.0%

Last Trade - 18/06/21

Sector
Healthcare
Size
Small Cap
Market Cap £226.2m
Enterprise Value £150.4m
Revenue £n/a
Position in Universe 695th / 1844

New long-term share-based incentive program

Thu 22nd April, 2021 5:34am
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Orphazyme A/S
Company announcement        
No. 13/2021
Company Registration No. 32266355



Copenhagen, Denmark, April 22, 2021 – Orphazyme A/S [ORPHA.CO (DK); ORPH
(US)], a late-stage biopharmaceutical company pioneering the heat shock
protein response for the treatment of neurodegenerative rare diseases, has
today introduced a new long-term incentive program (the “LTIP”).

The LTIP is designed and structured around the concept of retaining members of
the Executive Management and other employees of the Group, while also creating
an incentive for a positive share price development and corporate performance
for the benefit of the Company’s shareholders.

The LTIP grants comprise Restricted Share Units (“RSUs”) and Performance
Share Units (“PSUs”) which entitle the participants, subject to vesting
occurring, to be allocated a number of shares in the Company, equivalent to
the number of vested RSUs and/or PSUs, against payment of the par value of
each share.

The RSUs will have a total vesting period of three years calculated from
January 1 or July 1 in the grant year and with one third of the granted RSUs
vesting on each January 1 or July 1 in the following three financial years.
Vesting of RSUs is not conditional upon achieving any financial or
non-financial targets. However, vesting is conditional upon (i) the
participant remaining employed with a group member throughout the total
vesting period for RSUs or the participant becoming a good leaver during the
total vesting period for RSUs, in which case the participant will be entitled
to keep any vested RSUs and receive a pro rata allocation, and (ii) the
participant having complied in all respects with the general terms and
conditions as determined by the Board of Directors. The vested RSUs can only
be exercised within four months after the expiration of the total vesting
period for RSUs. However, the RSU delivery period may be extended to the next
open trading window in certain circumstances.

The PSUs will have a total vesting period of three years calculated from
January 1 or July 1 in the grant year and with the granted PSUs vesting, in
whole or in part, on January 1 or July 1 in the third year following the date
of the grant. Vesting of PSUs is conditional upon (i) an increase in the
quoted share price of the Company’s shares, (ii) the participant remaining
employed with a group member throughout the vesting period for PSUs or the
participant becoming a good leaver during the vesting period for PSUs, in
which case the participant may be entitled to keep a proportion of the PSUs,
and (iii) the participant having complied in all respects with the general
terms and conditions as determined by the Board of Directors. Any vested PSUs
can only be exercised within four months after the expiration of the vesting
period for PSUs. However, the PSU delivery period may be extended to the next
open trading window in certain circumstances.

Based on the current number of participants in the LTIP, the program and other
share-based retention grants are expected to comprise up to 950,000 shares in
total. The theoretical fair value of each RSU has been estimated at DKK 58.04
and the theoretical fair value of each PSU under the LTIP has been estimated
at DKK 20.02.



For additional information, please contact

Orphazyme A/S

Anders Vadsholt, CFO                +45 28 98 90 55



About Orphazyme A/S 
Orphazyme is a late-stage biopharmaceutical company pioneering the Heat Shock
Protein response for the treatment of neurodegenerative orphan diseases. The
company is harnessing amplification of Heat Shock Proteins (or HSPs) in order
to develop and commercialize novel therapeutics for diseases caused
by protein misfolding, protein aggregation, and lysosomal dysfunction,
including lysosomal storage diseases and neuromuscular degenerative diseases.
Arimoclomol, the company’s lead candidate, is in clinical development for
Niemann-Pick disease type C (NPC), Amyotrophic Lateral Sclerosis (ALS), and
Gaucher disease. Orphazyme is headquartered in Denmark and has operations in
the U.S. and Switzerland. Orphazyme’s shares are listed on Nasdaq U.S.
(ORPH) and Nasdaq Copenhagen (ORPHA). 

About arimoclomol  
Arimoclomol is an investigational drug candidate that amplifies the production
of Heat Shock Proteins (HSPs). HSPs can rescue defective misfolded proteins,
clear protein aggregates, and improve the function of lysosomes. Arimoclomol
is administered orally and has now been studied in seven phase 1, four phase 2
and one pivotal phase 2/3 trial. Arimoclomol is in clinical development for
NPC, Gaucher Disease, and ALS. Arimoclomol has received orphan drug
designation (ODD) for NPC and ALS in the US and EU. Arimoclomol has received
fast-track designation (FTD) from the U.S. Food and Drug Administration (FDA)
for NPC and ALS. In addition, arimoclomol has received breakthrough therapy
designation (BTD) and rare-pediatric disease designation (RPDD) from the FDA
for NPC.

Forward-looking statement  
This company announcement may contain certain forward-looking statements,
including in respect of the anticipated commercialization of arimoclomol.
Although the Company believes its expectations are based on reasonable
assumptions, all statements other than statements of historical fact included
in this company announcement about future events are subject to (i) change
without notice and (ii) factors beyond the Company’s control. These
statements may include, without limitation, any statements preceded by,
followed by, or including words such as “target,” “believe,”
“expect,” “aim,” “intend,” “may,” “anticipate,”
“estimate,” “plan,” “project,” “will,” “can have,”
“likely,” “should,” “would,” “could”, and other words and
terms of similar meaning or the negative thereof. Forward-looking statements
are subject to inherent risks and uncertainties beyond the Company’s control
that could cause the Company’s actual results, performance, or achievements
to be materially different from the expected results, performance, or
achievements expressed or implied by such forward-looking statements,
including the risk that applicable regulatory authorities fail to approve
arimoclomol on the anticipated timeline or at all. Except as required by law,
the Company assumes no obligation to update these forward-looking statements
publicly, or to update the reasons actual results could differ materially from
those anticipated in the forward-looking statements, even if new information
becomes available in the future. 


Attachment
*     13-2021 New long-term share-based incentive program
(https://ml-eu.globenewswire.com/Resource/Download/cb61c8b5-2b76-4881-bbdb-436f04e3f50c)
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