PepGen Reports Inducement Grant under Nasdaq Listing Rule 5635(c)(4) to Newly Appointed Executive Vice President, Research & Development

Rhea-AI Summary

PepGen Inc. (Nasdaq: PEPG), a clinical-stage biotechnology company, has awarded an inducement grant to its newly appointed Executive Vice President of Research & Development, Paul D. Streck, M.D., MBA. The grant, made under PepGen's 2024 Inducement Plan, includes a non-qualified stock option to purchase 202,816 shares of PepGen's common stock at $9.83 per share. The option has a ten-year term and will vest over four years, with 25% vesting after one year and the remainder vesting monthly over the following three years. This grant was approved outside of PepGen's stockholder-approved equity incentive plans, in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Appointment of a new Executive Vice President of Research & Development, potentially bringing valuable expertise to the company
• Implementation of a stock option grant as part of the compensation package, aligning the executive's interests with those of shareholders

Negative

• Potential dilution of existing shareholders due to the issuance of new stock options

BOSTON--(BUSINESS WIRE)-- PepGen Inc. (Nasdaq: PEPG), a clinical-stage biotechnology company advancing the next generation of oligonucleotide therapies with the goal of transforming the treatment of severe neuromuscular and neurological diseases, today announced it awarded an inducement grant under PepGen’s 2024 Inducement Plan as a material inducement to employment to its newly appointed Executive Vice President, Research & Development, Paul D. Streck, M.D., MBA.

On August 19, 2024, Dr. Streck received a non-qualified stock option grant to purchase 202,816 shares of PepGen’s common stock, par value $0.0001 per share, with an exercise price of $9.83 per share, the closing price of PepGen’s common stock as reported by The Nasdaq Global Select Market on August 19, 2024. The inducement grant stock option has a ten-year term and is scheduled to vest over four years, with 25% of the shares vesting on the one-year anniversary of Dr. Streck’s employment commencement date and the remainder vesting in equal monthly installments over the following three years, subject to Dr. Streck’s continued service to PepGen through the applicable vesting dates.

This inducement grant was granted outside of PepGen’s stockholder-approved equity incentive plans pursuant to PepGen’s 2024 Inducement Plan, which was adopted by PepGen’s Board of Directors in August 2024. This award was approved by the Board of Directors, which includes a majority of independent directors, as a material inducement to Dr. Streck’s entering into employment with PepGen in accordance with Nasdaq Listing Rule 5635(c)(4).

About PepGen

PepGen is a clinical-stage biotechnology company advancing the next-generation of oligonucleotide therapies with the goal of transforming the treatment of severe neuromuscular and neurological diseases. PepGen’s Enhanced Delivery Oligonucleotide (EDO) platform is founded on over a decade of research and development and leverages cell-penetrating peptides to improve the uptake and activity of conjugated oligonucleotide therapeutics. Using these EDO peptides, PepGen is generating a pipeline of oligonucleotide therapeutic candidates that are designed to target the root cause of serious diseases.

For more information, please visit www.pepgen.com. Follow PepGen on LinkedIn and X.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240820733504/en/

Investor Contact

Dave Borah, CFA

SVP, Investor Relations and Corporate Communications

dborah@pepgen.com



Media Contact

Julia Deutsch

Lyra Strategic Advisory

Jdeutsch@lyraadvisory.com

Source: PepGen Inc.

FAQ

What inducement grant did PepGen (PEPG) offer to its new Executive VP of R&D?

PepGen offered a non-qualified stock option grant to purchase 202,816 shares of common stock at $9.83 per share to Paul D. Streck, M.D., MBA, the newly appointed Executive VP of R&D.

What are the vesting terms for the stock options granted by PepGen (PEPG)?

The stock options have a ten-year term and vest over four years, with 25% vesting after one year and the remainder vesting in equal monthly installments over the following three years.

When did PepGen (PEPG) award the inducement grant to Paul D. Streck?

PepGen awarded the inducement grant to Paul D. Streck on August 19, 2024.

Under which plan was the inducement grant awarded by PepGen (PEPG)?

The inducement grant was awarded under PepGen's 2024 Inducement Plan, which was adopted by the company's Board of Directors in August 2024.