Cynapsus Therapeutics Grants Stock Options
Marketwire, May 1, 2022
Toronto – Cynapsus Therapeutics Inc. (CTH: TSX-V), a specialty pharmaceutical company developing an improved dosing formulation of an approved drug used to treat the symptoms of Parkinson’s disease, announced today that the Corporation's Board of Directors granted stock options to acquire 1,392,000 common shares.
The stock options were granted to officers, directors, employees and consultants of the Corporation at an exercise price equal to $0.36 per share, and expire 5 years from the date of grant. One third of the options granted will vest immediately, one-third will vest in 6 months and one-third will vest in 12 months. Of the total, 340,000 stock options were granted to Andrew Williams (COO/CFO), 325,000 to Nathan Bryson (CSO), 217,000 to Albert Agro (CMO), 105,000 to Rochelle Stenzler (Director), 70,000 to Ronald Hosking (Director), 63,000 to Julia Levy (Director), and 54,000 to each of Perry Molinoff (Director), Alan Ryley (Director) and Alan Torrie (Director).
Following the grant of these options, there are a total of 2,965,066 options outstanding, representing 7.6% of the issued and outstanding common shares of the Corporation.
The Corporation has a 10% rolling stock option plan. The TSX Venture Exchange requires that all listed companies with a 10% rolling stock option plan, obtain shareholder approval of the plan on an annual basis. The stock option plan was established to provide an incentive to the officers, directors, employees and consultants of the Corporation to achieve the longer-term objectives of the Corporation, to give suitable recognition to the ability and industry of such persons who contribute materially to the success of the Corporation, and to attract and retain such persons in the employ of the Corporation.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
About Cynapsus Therapeutics
Cynapsus is a specialty pharmaceutical company developing the only non-injectable (i.e. sublingual) delivery of the only approved drug (apomorphine) to be used as a rescue therapy for “off” motor symptoms of Parkinson’s disease. Over one million people in the U.S. and an estimated 5 million people globally suffer from Parkinson's disease. Parkinson’s disease is a chronic and progressive neurodegenerative disease that impacts motor activity, and its prevalence is increasing with the aging of the population. Based on a recent study and the results of the Company’s Global 500 Neurologists Survey, it is estimated that between 25 percent and 50 percent of patients experience “off” episodes in which they have impaired movement or speaking capabilities. Current medications only control the disease’s symptoms, and most drugs become less effective over time as the disease progresses.
Cynapsus’ drug candidate, APL-130277, is an easy-to-administer, fast-acting reformulation of apomorphine, which is approved in an injection formulation to rescue patients from “off” episodes. Cynapsus is focused on maximizing the value of APL-130277 by completing pivotal studies in advance of a New Drug Application expected to be submitted in 2015. Cynapsus anticipates a trade sale or out-licensing to an appropriate global pharmaceutical partner before such an application is submitted.
More information about Cynapsus (CTH: TSX‐V) is available at www.cynapsus.ca and at the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
Contact Information
Cynapsus Therapeutics
Anthony Giovinazzo
President and CEO
(416) 703-2449 x225
[email protected]
Andrew Williams
COO & CFO
(416) 703-2449 x253
[email protected]
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