Company announcement - No. 9/2017
Zealand grants new warrants under employee warrant program
Copenhagen, April 6, 2017 - Zealand announces the granting of warrants to the Company's Executive Management, Senior Management and employees. The warrants are granted under the warrant program covered by the authority pursuant to Section 8.4 of Zealand's Articles of Association, adopted at Zealand's General Meeting on April 21, 2015.
The warrant program is an incentive scheme reflecting Zealand's objective to attract and retain first-rate employees and help ensure shared short- and long-term interests for the management, employees and shareholders of the Company.
A total of 517,392 warrants have been granted, giving the rights to subscribe for up to 517,392 new Zealand shares with a nominal value of DKK 1 each, corresponding to 2.0% of the Company's total outstanding share capital. The exercise price is DKK 135.30, calculated as the closing price of Zealand's shares on Nasdaq Copenhagen on Tuesday April 5, 2017 plus 10%.
The exercise of the warrants may take place, in whole or in part, in defined time windows from April 6, 2020 up to and including April 6, 2022. The warrants granted to President and CEO Britt Meelby Jensen may be exercised, in whole or in part, in defined time windows from April 6, 2018 up to and including April 6, 2022. The exercise time windows for all granted warrants are defined as four weeks following the publication of Zealand's full-year reports or interim reports for the first quarter, first half or first nine months respectively.
The total new warrants granted have a combined market value of DKK 21,689,072.64 calculated on the basis of the Black-Scholes model, including a five-year historic volatility of 43.6%, a five-year risk-free interest rate of -0.24% and a share price of DKK 123.00.
For further information, please contact:
Britt Meelby Jensen, President and Chief Executive Officer
Tel.: +45 51 67 61 28, e-mail: bmj@zealandpharma.com
About Zealand Pharma A/S
Zealand Pharma A/S (Nasdaq Copenhagen: ZEAL) ("Zealand") is a biotechnology company focused on the discovery, design and development of innovative peptide-based medicines. Zealand has a portfolio of medicines and product candidates under license collaborations with Sanofi, Boehringer Ingelheim and Helsinn, and a pipeline of proprietary product candidates that primarily target specialty diseases with significant unmet needs.
Zealand's first invented medicine, lixisenatide, a once-daily prandial GLP-1 receptor agonist for the treatment of type 2 diabetes, is licensed to Sanofi. Lixisenatide is marketed as Adlyxin® in the U.S. and as Lyxumia® in the rest of the world. Lixisenatide has been developed in a combination with basal insulin glargine (Lantus®) and is marketed as Soliqua(TM) 100/33 in the U.S. and has been approved as Suliqua(TM) in Europe.
Zealand's pipeline includes: dasiglucagon* (ZP4207, single-dose rescue treatment) for acute, severe hypoglycemia (Phase 2); glepaglutide* (ZP1848) for short bowel syndrome (Phase 2); dasiglucagon* (ZP4207, multiple-dose version) intended for use in a dual-hormone artificial pancreas system for improved hypoglycemia control and diabetes management (Phase 2) and other earlier-stage clinical and preclinical peptide therapeutics.
Zealand is based in Copenhagen (Glostrup), Denmark. For further information about the Company's business and activities, please visit www.zealandpharma.com or follow Zealand on Twitter @ZealandPharma.
* Dasiglucagon and glepaglutide are proposed International Nonproprietary Names (pINN).
