SOUTH PLAINFIELD, N.J.,
Jan. 13, 2021 /PRNewswire/ -- PTC
Therapeutics, Inc. (NASDAQ: PTCT) today announced that
on January 6, 2021 it approved non-statutory stock
options to purchase an aggregate of 13,465 shares of its common
stock and 4,665 restricted stock units ("RSUs"), each representing
the right to receive one share of its common stock upon vesting, to
10 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 January 6, 2021 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).
All stock option awards have an exercise price of $66.49
per share, the closing price of PTC's common stock on January
6, 2021, 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. The
RSUs each will vest over four years with 25% of the original number
of shares vesting on each annual anniversary of the applicable
employee's new hire date 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-driven, global biopharmaceutical company focused
on the discovery, development and commercialization of clinically
differentiated medicines that provide benefits to patients with
rare disorders. PTC's ability to globally commercialize products 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 please contact:
Media &
Investors:
Jane
Baj
+1 (908)
912-9167
jbaj@ptcbio.com
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SOURCE PTC Therapeutics, Inc.