Orchard Therapeutics Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Orchard Therapeutics (Nasdaq: ORTX) announced the grant of stock options to four new employees, totaling 278,500 shares, under its 2020 Inducement Equity Plan. These options, exercisable at $3.09 per share, will vest over four years, providing 25% on the first anniversary of employment and the remainder monthly over three years. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize new talent in the company’s gene therapy initiatives.

Positive

• Stock options granted to new employees may enhance talent retention and recruitment.
• The options are priced at $3.09 per share, equal to the recent market close, aligning interests of employees and investors.

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• None.

BOSTON and LONDON, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Orchard Therapeutics (Nasdaq: ORTX), a global gene therapy leader, today announced that the Compensation Committee of Orchard’s Board of Directors approved the grant of non-statutory stock options to four new employees to purchase an aggregate of 278,500 ordinary shares under Orchard’s 2020 Inducement Equity Plan. The awards were granted as an inducement material to the employees’ acceptance of employment with Orchard in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $3.09 per share, which is equal to the closing price of Orchard’s American Depositary Shares as reported by Nasdaq on September 1, 2021. The options have a ten-year term and vest over four years, with 25% vesting on the one-year anniversary of the employee’s date of hire and the remainder vesting in equal monthly installments for three years thereafter, subject to the employee’s continued service with Orchard on each such vesting date. The options are subject to the terms and conditions of Orchard’s 2020 Inducement Equity Plan and the terms and conditions of share option agreements covering the grants.

About Orchard Therapeutics

Orchard Therapeutics is a global gene therapy leader dedicated to transforming the lives of people affected by severe diseases through the development of innovative, potentially curative gene therapies. Our ex vivo autologous gene therapy approach harnesses the power of genetically modified blood stem cells and seeks to correct the underlying cause of disease in a single administration. In 2018, Orchard acquired GSK’s rare disease gene therapy portfolio, which originated from a pioneering collaboration between GSK and the San Raffaele Telethon Institute for Gene Therapy in Milan, Italy. Orchard now has one of the deepest and most advanced gene therapy product candidate pipelines in the industry spanning multiple therapeutic areas where the disease burden on children, families and caregivers is immense and current treatment options are limited or do not exist.

Orchard has its global headquarters in London and U.S. headquarters in Boston. For more information, please visit www.orchard-tx.com, and follow us on Twitter and LinkedIn.

Availability of Other Information About Orchard

Investors and others should note that Orchard communicates with its investors and the public using the company website (www.orchard-tx.com), the investor relations website (ir.orchard-tx.com), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets, U.S. Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that Orchard posts on these channels and websites could be deemed to be material information. As a result, Orchard encourages investors, the media, and others interested in Orchard to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on Orchard’s investor relations website and may include additional social media channels. The contents of Orchard’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.

Contacts

Investors
Renee Leck
Director, Investor Relations
+1 862-242-0764
Renee.Leck@orchard-tx.com 

Media
Benjamin Navon
Director, Corporate Communications
+1 857-248-9454
Benjamin.Navon@orchard-tx.com 

FAQ

What stock options were granted by Orchard Therapeutics on September 7, 2021?

On September 7, 2021, Orchard Therapeutics granted stock options totaling 278,500 shares to four new employees at an exercise price of $3.09 per share.

How long is the vesting period for the stock options at Orchard Therapeutics?

The stock options at Orchard Therapeutics vest over four years, with 25% vesting on the first anniversary of employment.

What is the significance of the stock option grant for Orchard Therapeutics employees?

The stock option grant serves as an incentive for new employees, aligning their interests with the company's long-term success.

Under which plan were the stock options granted to Orchard Therapeutics employees?

The stock options were granted under Orchard Therapeutics' 2020 Inducement Equity Plan.