SOUTH PLAINFIELD, N.J., Aug. 24, 2018 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on August 22, 2018 it approved non-statutory stock options to purchase an aggregate of 381,500 shares of its common stock to 15 new employees. The awards were made pursuant to the NASDAQ inducement grant exception as a component of the new hires' employment compensation.
The inducement grants were approved by PTC's Compensation Committee on August 22, 2018 and are being made as an inducement material to each employee's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).
The inducement grants were granted to employees of Agilis Biotherapeutics, Inc. ("Agilis") that are joining PTC following PTC's acquisition of Agilis, including Mark Pykett, formerly the Chief Executive Officer of Agilis, who will now serve as our Chief Innovation Officer, and Jodi Ann Cook, formerly the Chief Operating Officer of Agilis, who will now serve as our Head of Gene Therapy Strategy. Mr. Pykett's inducement grant is for 100,000 shares of our common stock and Ms. Cook's inducement grant is for 75,000 shares of our common stock.
All of the stock option awards have an exercise price of $44.52 per share, the closing price of PTC's common stock on August 23, 2018, the date of the grant. The stock options each have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee's new hire date and 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter until fully vested, subject to the employee's continued service with the Company through the applicable vesting dates.
ABOUT PTC THERAPEUTICS, INC.
PTC is a science-led, global biopharmaceutical company focused on the discovery, development and commercialization of clinically-differentiated medicines that provide benefits to patients with rare disorders. Founded 20 years ago, PTC Therapeutics has successfully launched two rare disorder products and has a global commercial footprint. This success is the foundation that drives investment in a robust pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need.
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SOURCE PTC Therapeutics, Inc.