Strongbridge Biopharma plc Announces New Employment Inducement Awards
June 23 2017 - 07:30AM
Strongbridge Biopharma plc, (Nasdaq:SBBP), a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs, today announced that it has approved
inducement equity awards to three individuals who have recently
become, or are expected to become, non-executive employees of the
Company.
The inducement awards are being made in the form
of non-qualified stock options to purchase an aggregate of 279,000
ordinary shares of the Company and restricted stock units (RSUs)
representing 15,000 ordinary shares of the Company, and are being
made as a material inducement to these individuals to enter into
employment with the Company pursuant to NASDAQ Listing Rule
5635(c)(4).
The exercise price of the options will be equal
to the closing price of the Company’s ordinary shares on the grant
date. One quarter of the options will vest on the one-year
anniversary of the grant date and the remaining three quarters of
the options will vest in 12 equal quarterly installments following
the one-year anniversary of the grant date, subject to the
employee’s continuous employment with the Company. The options
will have a ten-year term. The RSUs will vest on the two-year
anniversary of the grant date, subject to the employee’s continuous
employment with the Company. The options and RSUs will be
subject to the terms and conditions of the Company’s 2017
Inducement Plan, pursuant to which the options and RSUs have been,
or will be, granted.
About Strongbridge
BiopharmaStrongbridge Biopharma is a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs. Strongbridge's first commercial
product is KEVEYIS® (dichlorphenamide), the first and only
FDA-approved treatment for hyperkalemic, hypokalemic, and related
variants of Primary Periodic Paralysis. KEVEYIS has orphan drug
exclusivity status in the U.S. through August 7, 2022. In addition
to establishing this neuromuscular disease franchise, the Company
has a clinical-stage pipeline of therapies for rare endocrine
diseases. Strongbridge's lead compounds include RECORLEV™
(levoketoconazole), a cortisol synthesis inhibitor currently being
studied for the treatment of endogenous Cushing's syndrome, and
veldoreotide , a next-generation somatostatin analog being
investigated for the treatment of acromegaly, with potential
additional applications in Cushing's syndrome and neuroendocrine
tumors. Both RECORLEV and veldoreotide have received orphan
designation from the U.S. Food and Drug Administration and the
European Medicines Agency. For more information, visit
www.strongbridgebio.com.
Forward-Looking StatementsAll
statements, other than statements of historical facts, contained in
this press release, are forward-looking statements. These
statements relate to future events and involve known and unknown
risks, including, without limitation, uncertainties regarding
Strongbridge's strategy, plans, and objectives of management for
future operations. The words "anticipate," "estimate," "expect,"
"intend," "may," "plan," "potential," "project," "target," "will,"
"would," or the negative of these terms or other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. These forward-looking statements are based on
current expectations, estimates, forecasts and projections and are
not guarantees of future performance or development and involve
known and unknown risks, uncertainties and other factors. The
forward-looking statements contained in this press release are made
as of the date of this press release, and Strongbridge
Biopharma does not assume any obligation to update any
forward-looking statements except as required by applicable
law.
Contacts:
Corporate and Media Relations
Elixir Health Public Relations
Lindsay Rocco
+1 862-596-1304
lrocco@elixirhealthpr.com
Investor Relations
U.S.:
The Trout Group
Marcy Nanus
+1 646-378-2927
mnanus@troutgroup.com
Europe:
First House
Mitra Hagen Negård
+47 21 04 62 19
strongbridgebio@firsthouse.no
USA
900 Northbrook Drive
Suite 200
Trevose, PA 19053
Tel. +1 610-254-9200
Fax. +1 215-355-7389
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