Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
December 05 2018 - 6:30AM
Business Wire
Sage Therapeutics (NASDAQ: SAGE), a clinical-stage
biopharmaceutical company developing novel medicines to treat
life-altering central nervous system (CNS) disorders, today
announced that, on December 3, 2018, the Compensation Committee of
Sage’s Board of Directors granted non-qualified stock options to
purchase an aggregate of 156,100 shares of its common stock to 93
new employees under Sage’s 2016 Inducement Equity Plan.
The 2016 Inducement Equity Plan is used exclusively for the
grant of equity awards to individuals who were not previously an
employee or non-employee director of Sage (or following a bona fide
period of non-employment), as an inducement material to such
individual's entering into employment with Sage, pursuant to Rule
5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $115.96 per share, which
is equal to the closing price of Sage’s common stock on December 3,
2018. Each option will vest and become exercisable as to 25% of the
shares on the first anniversary of the recipient’s start date, and
will vest and become exercisable as to the remaining 75% of the
shares in 36 equal monthly installments following the first
anniversary, in each case, subject to each such employee’s
continued employment with Sage on such vesting dates. The options
are subject to the terms and conditions of Sage’s 2016 Inducement
Equity Plan, and the terms and conditions of a stock option
agreement covering the grant.
About Sage TherapeuticsSage Therapeutics is a
clinical-stage biopharmaceutical company committed to developing
novel medicines to transform the lives of patients with
life-altering CNS disorders. Sage's lead product candidate,
ZULRESSO™ (brexanolone) injection, has completed Phase 3 clinical
development for postpartum depression and a New Drug Application is
currently under review with the U.S. Food and Drug Administration.
Sage is developing a portfolio of novel product candidates
targeting critical CNS receptor systems, including SAGE-217, which
is in Phase 3 development in major depressive disorder and
postpartum depression. For more information, please visit
www.sagerx.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181205005130/en/
Investor Contact:Paul Cox,
617-299-8377paul.cox@sagerx.com
Media Contact:Maureen L. Suda,
585-355-1134maureen.suda@sagerx.com
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