SOUTH PLAINFIELD, N.J.,
Sept. 28, 2018 /PRNewswire/
-- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that
on September 25, 2018 it approved
non-statutory stock options to purchase an aggregate of 122,200
shares of its common stock to 33 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 September 25, 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).
Thirty-one of the stock option awards have an exercise price of
$47.22 per share, the closing price
of PTC's common stock on September 25,
2018, the date of the grant. The two remaining stock option
awards will have an exercise price equal to the closing stock price
of PTC's common stock on the applicable employees' new hire date,
or the first trading day thereafter, which will be the date of
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.
For More Information:
Investors:
Emily
Hill
+1 (908) 912-9327
ehill@ptcbio.com
Media:
Jane Baj
+1 (908) 912-9167
jbaj@ptcbio.com
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SOURCE PTC Therapeutics, Inc.