Passage Bio Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
On January 20, 2023, Passage Bio (Nasdaq: PASG) announced the granting of stock options to a new employee as an inducement for employment, in accordance with Nasdaq Listing Rule 5635(c)(4). The options, totaling 7,600 shares, have an exercise price of $1.67 per share, equal to its closing price on the grant date, January 17, 2023. These stock options will vest over four years, with 25% vesting on the first anniversary and the remainder in monthly installments thereafter. Passage Bio focuses on developing therapies for CNS disorders with ongoing clinical programs targeting conditions like GM1 gangliosidosis and frontotemporal dementia.
- Inducement stock options granted to new employee support recruitment efforts.
- Stock options priced at $1.67 reflect positive market conditions.
- Ongoing clinical programs address significant unmet health needs.
- None.
PHILADELPHIA, Jan. 20, 2023 (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 an inducement award to a new employee.
Passage Bio granted options to purchase 7600 shares of common stock to this employee as material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of
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 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
Passage Bio (Nasdaq: PASG) is a clinical-stage genetic medicines company on a mission to provide life-transforming therapies for patients with CNS diseases with limited or no approved treatment options. Our portfolio spans pediatric and adult CNS indications, and we are currently advancing clinical programs in GM1 gangliosidosis and frontotemporal dementia and our preclinical pipeline, including programs in amyotrophic lateral sclerosis and Huntington’s disease. 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. Through this collaboration, we have 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. 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:
Mike Beyer
Sam Brown Inc. Healthcare Communications
312-961-2502
MikeBeyer@sambrown.com
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