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

Rhea-AI Summary

Passage Bio grants inducement awards to new employees

Positive

• Passage Bio granted options to purchase 50,000 shares of common stock to new employees
• Exercise price of options is $0.674 per share, equal to the closing price on October 16, 2023
• Shares subject to the Inducement Options will vest over four years

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• None.

PHILADELPHIA, Oct. 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 inducement awards to new employees.

Passage Bio granted options to purchase 50,000 shares of common stock to these employees as material inducement to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $0.674 per share, which is equal to the closing price of Passage Bio’s common stock on October 16, 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 did Passage Bio announce?

Passage Bio announced the grant of inducement awards to new employees.

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

Passage Bio granted options to purchase 50,000 shares of common stock to the new employees.

What is the exercise price of the options?

The exercise price of the options is $0.674 per share.

How long will it take for the shares to vest?

The shares subject to the Inducement Options will vest over four years.