Passage Bio Announces Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Passage Bio (Nasdaq: PASG) announced the granting of inducement awards to eight new employees, comprising options to purchase a total of 72,000 shares. The options, priced at $11.50 per share, match the closing stock price on September 15, 2021. These inducement options will vest over four years, with 25% vesting after one year and the rest in monthly installments. This award follows Nasdaq's Rule 5635(c)(4). Passage Bio focuses on developing genetic therapies for central nervous system disorders.

Positive

• Inducement awards granted to incentivize new talent.
• The price of options aligns with the market closing price.

Negative

• None.

PHILADELPHIA, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders, today announced it has granted inducement awards to eight newly hired employees under an inducement plan adopted by its board of directors.

Passage Bio granted these employees options to purchase an aggregate of 72,000 shares as a material inducement to their employment (the Inducement Options). The Inducement Options have an exercise price of $11.50 per share, which is equal to the closing price of Passage Bio’s common stock on September 15, 2021, the grant date of the Inducement Options.

The Inducement Options were granted in accordance with Nasdaq listing Rule 5635(c)(4). The shares subject to the Inducement Options will vest over four years, with 25 percent of the shares vesting on the one-year anniversary of the applicable grant date, and the remainder vesting in 36 equal monthly installments thereafter, subject to each employee’s continued employment. The stock options have a 10-year term and are subject to the terms and conditions of the stock option agreement.

About Passage Bio

At Passage Bio (Nasdaq: PASG), we are on a mission to provide life-transforming genetic medicines for patients with 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.

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 are the details of Passage Bio's inducement awards?

Passage Bio granted inducement awards to eight new employees, allowing them to purchase 72,000 shares at an exercise price of $11.50 per share.

How will the inducement options for Passage Bio vest?

The inducement options will vest over four years, with 25% vesting after one year and the rest vesting in monthly installments.

What is the significance of Nasdaq Rule 5635(c)(4) for Passage Bio?

The inducement options granted by Passage Bio comply with Nasdaq Rule 5635(c)(4), allowing for the issuance of options as an inducement to employment.

On what date was the inducement awards announcement made by Passage Bio?

Passage Bio announced the granting of inducement awards on September 17, 2021.

What is the main focus of Passage Bio as a company?

Passage Bio is focused on developing transformative genetic therapies for central nervous system disorders.