Garden City, NY, July 21, 2022 (GLOBE NEWSWIRE) — ProPhase Labs, Inc. (NASDAQ: PRPH), a diversified diagnostics and genomics company, today announced that it has granted an inducement stock option to purchase up to 250,000 shares of the Company’s common stock to Dennis Grishin, who recently joined the Company as Chief Scientific Officer of ProPhase Precision Medicine, Inc. This award was made in accordance with the employment inducement award exemption provided by Nasdaq Rule 5635(c)(4) and was therefore not awarded under the Company’s stockholder approved equity plan. The option award will vest as follows, contingent upon continued service: 50% is immediately vested, and the balance will vest in equal annual installments over the next two years. The options have an exercise price of $13.00 per share and will be exercisable for a period of 7 years.
About ProPhase Labs
ProPhase Labs, Inc. (Nasdaq: PRPH) (“ProPhase”) is a diversified diagnostics, genomics and biotech company that seeks to leverage its CLIA lab services to provide whole genome sequencing and research direct to consumers and build a genomics data base to be used for further research. The Company continues to provide traditional CLIA molecular laboratory services, including COVID-19 testing. The Company also continues to operte a state-of the art contract manufacturing facility and the TK Supplements line of dietary supplements, distributed in food, drug and mass stores through the country.
