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Precision BioSciences Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
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Rhea-AI Sentiment
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Rhea-AI Summary
Precision BioSciences (Nasdaq: DTIL) announced on July 19, 2022, that its Compensation Committee has approved inducement awards for new employees. A total of 583,302 stock options were granted under the 2021 Employment Inducement Incentive Award Plan. The options have an exercise price of $1.54 and will vest over four years, beginning with 25% after the first year. This decision reflects the company's strategy to attract talent while advancing its ARCUS-based gene editing therapies aimed at treating genetic diseases.
Positive
Granting of 583,302 stock options to new employees to attract talent.
Inducement awards align with the company's strategy to enhance its workforce.
Negative
None.
DURHAM, N.C.--(BUSINESS WIRE)--
Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage gene editing company developing ARCUS®-based ex vivo allogeneic CAR T and in vivo gene editing therapies, today announced that, on July 19, 2022, the Compensation Committee of Precision’s Board of Directors approved the grant of inducement awards to new employees under the Precision BioSciences, Inc. 2021 Employment Inducement Incentive Award Plan (“Inducement Award Plan”). The inducement awards consist of options to purchase (“stock options”) an aggregate of 583,302 shares of Precision’s common stock, par value $0.000005 (the “Common Stock”), which stock options were granted among eleven employees who commenced employment in the second quarter 2022. Each of the stock options were granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for the employees to commence service with Precision.
The stock options have a per share exercise price equal to the fair market value of Precision’s Common Stock on the grant date, which was equal to $1.54. Each of the stock options has a 10-year term and vests (subject to continued service to Precision through the applicable vesting dates) as to 25% of the award on the first anniversary of the date of the commencement of their employment and, as to the remaining 75%, in substantially equal quarterly installments over the three years thereafter.
About Precision BioSciences, Inc. Precision BioSciences, Inc. is a clinical stage biotechnology company dedicated to improving life (DTIL) with its novel and proprietary ARCUS® genome editing platform. ARCUS is a highly precise and versatile genome editing platform that was designed with therapeutic safety, delivery, and control in mind. Using ARCUS, the Company’s pipeline consists of multiple ex vivo “off-the-shelf” CAR T immunotherapy clinical candidates and several in vivo gene editing candidates designed to cure genetic and infectious diseases where no adequate treatments exist. For more information about Precision BioSciences, please visit www.precisionbiosciences.com.
What does the recent press release about Precision BioSciences (DTIL) state?
The press release announces the approval of inducement awards consisting of 583,302 stock options to new employees, aimed at enhancing talent acquisition.
What is the exercise price for the stock options granted by Precision BioSciences (DTIL)?
The exercise price for the stock options is set at $1.54, equal to the fair market value on the grant date.
How is the vesting schedule structured for the stock options granted by Precision BioSciences (DTIL)?
The stock options vest 25% on the first anniversary of employment, with the remaining 75% vesting in equal quarterly installments over the following three years.
When were the inducement awards approved for Precision BioSciences (DTIL)?
The inducement awards were approved on July 19, 2022.
What is Precision BioSciences' focus regarding its therapies?
Precision BioSciences focuses on developing ARCUS-based gene editing therapies for treating genetic and infectious diseases.
