Passage Bio Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)

Rhea-AI Summary

Passage Bio, Inc. (Nasdaq: PASG) grants 10,400 shares of common stock as an inducement award to a new employee, in accordance with Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $0.628 per share, equal to the closing price on November 15, 2023. The shares will vest over four years, with 25% vesting after one year, and the remainder in 36 equal monthly installments, subject to continued employment.

PHILADELPHIA, Nov. 17, 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 10,400 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 $0.628 per share, which is equal to the closing price of Passage Bio’s common stock on November 15, 2023, the grant date of the options.

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 vesting commencement 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

FAQ

What is the purpose of the inducement award granted by Passage Bio, Inc. to a new employee?

The purpose of the inducement award is to materialize the employment of the new employee in accordance with Nasdaq Listing Rule 5635(c)(4).

How many shares of common stock were granted to the new employee?

Passage Bio granted options to purchase 10,400 shares of common stock to the new employee.

What is the exercise price of the stock options granted to the new employee?

The exercise price of the stock options is $0.628 per share, equal to the closing price of Passage Bio’s common stock on November 15, 2023.

How will the shares subject to the Inducement Options vest?

The shares will vest over four years, with 25 percent of the shares vesting on the one-year anniversary and the remainder vesting in 36 equal monthly installments, subject to the employee’s continued employment.