Biopharmaceutical company UroGen Pharma Ltd (Nasdaq:URGN) on Friday awarded inducement restricted stock units (RSUs) to five new employees entering into employment pursuant to Nasdaq Listing Rule 5635(c)(4).

Up to 22,000 shares of the company's common stock are issuable upon the vesting and settlement of the RSUs.

The company added that the RSUs vest over three years, with one third of the underlying shares vesting after one year from the vesting date, and the balance of the underlying shares vesting on a quarterly basis thereafter, subject in each case to the employee's continued service.

In connection with their employment, the new team members will support pre-launch activities and infrastructure buildout as the company prepares for potential approval and commercial launch of its first product candidate.

UroGen Pharma said it is developing advanced non-surgical urology treatments, with a focus on uro-oncology. The company's RTGel reverse-thermal hydrogel, a proprietary sustained release, hydrogel-based platform technology, reportedly has the potential to improve therapeutic profiles of existing drugs. Its lead investigational candidates, UGN-101 (mitomycin gel) for instillation and UGN-102 (mitomycin gel) for intravesical instillation, are designed to potentially ablate tumours by non-surgical means and to treat several forms of non-muscle invasive urothelial cancer, including low-grade upper tract urothelial cancer and low-grade non-muscle invasive bladder cancer, respectively.