Passage Bio Announces Inducement Award for Newly Appointed Chief Commercial Officer Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Passage Bio, a clinical-stage genetic medicines company, granted an inducement award to its new Chief Commercial Officer, M. Maria Törnsén. This includes options to buy 200,000 shares at $13.04 each and 20,000 restricted stock units, vesting over four years. The award aligns with Nasdaq Rule 5635(c)(4) and aims to attract talent to advance therapies for rare CNS disorders. Passage Bio is focused on innovative gene therapies in partnership with the University of Pennsylvania's Gene Therapy Program to enhance its pipeline.

Positive

• Inducement award to attract key talent through stock options and RSUs.
• Stock options at the closing price, ensuring fair value for the company and employee.
• Long-term vesting plan encourages retention of key executive.

Negative

• None.

PHILADELPHIA, July 21, 2021 (GLOBE NEWSWIRE) -- Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic medicines company focused on developing transformative therapies for rare, monogenic central nervous system (CNS) disorders, today announced it has granted an inducement award to the company’s newly appointed Chief Commercial Officer, M. Maria Törnsén, under an inducement plan adopted by its board of directors.

Passage Bio granted an option to purchase 200,000 shares of common stock and 20,000 restricted stock units (RSUs) to Ms. Törnsén as a material inducement to her employment in accordance with the Nasdaq listing Rule 5635(c)(4). The stock options have an exercise price of $13.04 per share, which is equal to the closing price of Passage Bio’s common stock on the grant date. The shares subject to the stock options will vest over four years, with 25 percent of the shares vesting on the one-year anniversary of the grant date, and the remainder vesting in 36 equal monthly installments thereafter, subject to continued employment. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement. The RSUs will vest over four years, with 25 percent of the RSUs vesting on each of the first, second, third and fourth annual anniversaries of the first of Passage Bio’s quarterly vesting dates following the grant date, subject to continued employment.

About Passage Bio

At Passage Bio (Nasdaq: PASG), we are on a mission to provide life-transforming gene therapies for patients with rare, monogenic CNS diseases that replace their suffering with boundless possibility, all while building lasting relationships with the communities we serve. Based in Philadelphia, PA, our company has established a strategic collaboration and licensing agreement with the renowned University of Pennsylvania’s Gene Therapy Program to conduct our discovery and IND-enabling preclinical work. This provides our team with enhanced access to a broad portfolio of gene therapy candidates and future gene therapy innovations that we then pair with our deep clinical, regulatory, manufacturing and commercial expertise to rapidly advance our robust pipeline of optimized gene therapies into clinical testing. As we work with speed and tenacity, we are always mindful of patients who may be able to benefit from our therapies. More information is available at www.passagebio.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995, including, but not limited to: our expectations about timing and execution of anticipated milestones, including initiation of clinical trials and the availability of clinical data from such trials; our expectations about our collaborators’ and partners’ ability to execute key initiatives; our expectations about manufacturing plans and strategies; and the ability of our lead product candidates to treat their respective target monogenic CNS disorders. These forward-looking statements may be accompanied by such words as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “potential,” “possible,” “will,” “would,” and other words and terms of similar meaning. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including: our ability to develop and obtain regulatory approval for our product candidates; the timing and results of preclinical studies and clinical trials; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or further studies, or may fail to approve or may delay approval of our drug candidates; the occurrence of adverse safety events; the risk that positive results in a preclinical study or clinical trial may not be replicated in subsequent trials or success in early stage clinical trials may not be predictive of results in later stage clinical trials; failure to protect and enforce our intellectual property, and other proprietary rights; our dependence on collaborators and other third parties for the development and manufacture of product candidates and other aspects of our business, which are outside of our full control; risks associated with current and potential delays, work stoppages, or supply chain disruptions caused by the coronavirus pandemic; and the other risks and uncertainties that are described in the Risk Factors section in documents the company files from time to time with the Securities and Exchange Commission (SEC), and other reports as filed with the SEC. Passage Bio undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

For further information, please contact:

Passage Bio Investors:

Stuart Henderson
Passage Bio
267-866-0114
shenderson@passagebio.com

Passage Bio Media:

Gwen Fisher
Passage Bio
215-407-1548
gfisher@passagebio.com

FAQ

What was the inducement award given to M. Maria Törnsén by Passage Bio?

M. Maria Törnsén received an inducement award including options to purchase 200,000 shares and 20,000 RSUs.

What is the exercise price of the stock options granted to Törnsén?

The exercise price for the stock options is set at $13.04 per share.

How are the stock options and RSUs structured for M. Maria Törnsén?

The stock options will vest over four years, with 25% vesting after one year, while RSUs will vest 25% annually over four years.

What is the significance of the inducement award for Passage Bio?

The inducement award is intended to attract and retain key executive talent crucial for advancing their gene therapy initiatives.

What type of company is Passage Bio?

Passage Bio is a clinical-stage genetic medicines company focused on therapies for rare, monogenic CNS disorders.