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

Rhea-AI Summary

Passage Bio (Nasdaq: PASG) has granted inducement awards to new employees, issuing options to purchase 18,100 shares of common stock. The options feature an exercise price of $2.61 per share, corresponding to the shares' closing price on April 18, 2022. The vesting schedule includes 25% on the one-year anniversary and the remainder in monthly installments over three years. This move aligns with Nasdaq Listing Rule 5635(c)(4), emphasizing the company’s commitment to attracting top talent while focusing on developing transformative genetic therapies for central nervous system disorders.

Positive

• Inducement awards granted to attract new employees.
• Stock options align with Nasdaq regulations, showcasing compliance.
• Potential for enhanced talent aiding in the development of CNS therapies.

Negative

• None.

PHILADELPHIA, April 22, 2022 (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 new employees.

Passage Bio granted options to purchase 18,100 shares of common stock to these employees as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $2.61 per share, which is equal to the closing price of Passage Bio’s common stock on April 18, 2022, the grant date of the option.

The shares subject to the stock option 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 the 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:

Passage Bio Media:
Mike Beyer
Sam Brown Inc. Healthcare Communications
312-961-2502
MikeBeyer@sambrown.com

FAQ

What inducement awards were announced by Passage Bio on April 22, 2022?

Passage Bio announced the granting of options to purchase 18,100 shares of common stock as inducement awards to new employees.

What is the exercise price for the stock options granted by Passage Bio?

The exercise price for the stock options is $2.61 per share.

What is the vesting schedule for the stock options granted by Passage Bio?

The options vest over four years, with 25% vesting on the one-year anniversary and the rest in monthly installments thereafter.

Which rule does Passage Bio's inducement award comply with?

The inducement award complies with Nasdaq Listing Rule 5635(c)(4).

What is the focus of Passage Bio's therapies?

Passage Bio focuses on developing transformative therapies for central nervous system disorders.