PR Newswire
CASTLE ROCK, Colo., Sept. 23, 2016
CASTLE ROCK, Colo., Sept. 23, 2016 /PRNewswire/
-- Venaxis®, Inc. (Nasdaq: APPY), announced that on
September 21, 2016, the Company approved the grant of stock options to six new employees, hired in
connection with the Company's acquisition of BiOptix Diagnostics, Inc., to purchase an aggregate of 95,000 shares of common
stock. The stock options were granted as inducement grants material to the new employees entering into employment with the
Company, as permitted under NASDAQ Listing Rule 5635(c)(4). One award recipient, Richard Whitcomb, Senior Vice President of the
company and a newly appointed executive officer, was granted stock options to acquire 35,000 shares of the Company's common
stock.
Each of the stock option grants to the new employees, which are made outside of the Company's 2002 Stock Incentive Plan, as
amended, has the following material terms. The exercise price of the stock options granted is $3.78
per share, the closing trading price of the Company's common stock on the date of grant, September 21,
2016. The stock options are subject to a two (2) year vesting schedule with 50% of each of the stock options vesting and
becoming excercisable at the six (6) month anniversary of the date of grant, and the balance of the options vesting ratably in
quarterly installments over the following six quarters. The stock options have a term of ten (10) years after the date of
grant, subject to earlier termination of employment or cessation of service with the Company.
About Venaxis, Inc.--
Venaxis, Inc., through its operating subsidiary BiOptix Diagnostics, Inc., has developed an Enhanced Surface Plasmon Resonance
("SPR") instrument designed to increase the flexibility and reliability of SPR, in order to address the increasing demand for
instruments suitable for a broader range of applications, while offering far greater performance per dollar than other
instruments commercially available. BiOptix SPR biosensors shed light on important binding parameters that are crucial for
determining whether a biologic or small molecule drug will be efficacious in humans and at what dose a drug should be
administered.
Contact: InvestorRelations@venaxis.com
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SOURCE Venaxis, Inc.
