Adverum Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Adverum Biotechnologies, Inc. (Nasdaq: ADVM) has granted 130,000 stock options to a new employee as an inducement for joining the company. This grant was made on May 9, 2022, in accordance with Nasdaq Rule 5635(c)(4). The options have an exercise price equal to the stock's closing price on the grant date and will vest over four years, contingent on the employee's continued service. Adverum focuses on gene therapies for ocular and rare diseases, including its candidate ADVM-022 for wet age-related macular degeneration.
- Granting stock options may attract and retain talent, potentially benefiting company performance.
- None.
REDWOOD CITY, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced a grant of stock options to a new employee. On May 9, 2022, Adverum granted a new employee a stock option to purchase 130,000 shares of Adverum’s common stock pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to the employee entering into employment with Adverum. The option has a per share exercise price equal to the closing sales price of Adverum’s common stock on the Nasdaq Stock Market on the grant date, and will vest over four years, subject to the employee’s continued service with Adverum.
About Adverum Biotechnologies
Adverum Biotechnologies (Nasdaq: ADVM) is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum is evaluating its novel gene therapy candidate, ADVM-022, as a one-time, intravitreal injection for the treatment of patients with neovascular or wet age-related macular degeneration. For more information, please visit www.adverum.com.
Forward-looking Statements
Statements contained in this press release regarding events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including risks inherent to, without limitation: Adverum’s novel technology, which makes it difficult to predict the timing of commencement and completion of clinical trials; regulatory uncertainties; the results of early clinical trials not always being predictive of future clinical trials and results; and the potential for future complications or side effects in connection with use of ADVM-022. Additional risks and uncertainties facing Adverum are set forth under the caption “Risk Factors” and elsewhere in Adverum’s Securities and Exchange Commission (SEC) filings and reports, including Adverum’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on March 29, 2022. All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Inquiries
Anand Reddi
Vice President, Head of Corporate Strategy and External Affairs & Engagement
Adverum Biotechnologies, Inc.
T: 650-649-1358
Investor
Laurence Watts
Gilmartin Group
T: 619-916-7620
E: laurence@gilmartinir.com
Media
Megan Talon
Associate Director, Corporate Communications
Adverum Biotechnologies, Inc.
T: 650-649-1006
E: mtalon@adverum.com
FAQ
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