PTC Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

PTC Therapeutics announced on September 21, 2020, the approval of stock options for 75,670 shares and 12,845 restricted stock units (RSUs) to 22 new employees, as part of their employment compensation. These inducement grants comply with NASDAQ's listing rules and aim to attract new talent. The options have an exercise price of $45.46 per share, with a 10-year term and a four-year vesting schedule. The RSUs will also vest over four years. PTC focuses on developing innovative treatments for rare disorders, driving their investment in a strong pipeline of medicines.

Positive

• Approval of inducement grants for 22 new employees enhances talent acquisition.
• Investment in stock options and RSUs indicates commitment to employee retention and motivation.

Negative

• None.

SOUTH PLAINFIELD, N.J., Sept. 25, 2020 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on September 21, 2020 it approved non-statutory stock options to purchase an aggregate of 75,670 shares of its common stock and 12,845 restricted stock units ("RSUs"), each representing the right to receive one share of its common stock upon vesting, to 22 new employees.  The awards were made pursuant to the NASDAQ inducement grant exception as a component of the new hires' employment compensation.

The inducement grants were approved by PTC's Compensation Committee on September 21, 2020 and are being made as an inducement material to each employee's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).

All stock option awards have an exercise price of $45.46 per share, the closing price of PTC's common stock on September 21, 2020, the date of the grant. The stock options each have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee's new hire date and 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter until fully vested, subject to the employee's continued service with the Company through the applicable vesting dates.  The RSUs each will vest over four years with 25% of the original number of shares vesting on each annual anniversary of the applicable employee's new hire date until fully vested, subject to the employee's continued service with the Company through the applicable vesting dates.

About PTC Therapeutics, Inc.

PTC is a science-driven, global biopharmaceutical company focused on the discovery, development and commercialization of clinically differentiated medicines that provide benefits to patients with rare disorders. PTC's ability to globally commercialize products is the foundation that drives investment in a robust pipeline of transformative medicines and our mission to provide access to best-in-class treatments for patients who have an unmet medical need. 

For more information please contact:

Media:                                                                        Investors:

Jane Baj                                                                       Lisa Hayes
+1 (908) 912-9167                                                      +1 (908) 868-8926
jbaj@ptcbio.com                                                          lhayes@ptcbio.com

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SOURCE PTC Therapeutics, Inc.

FAQ

What is the significance of PTC Therapeutics' stock option grants on September 21, 2020?

The grants are part of an inducement to attract new employees, which may strengthen the company's workforce.

How many shares were involved in the PTC Therapeutics stock option grants?

PTC granted options to purchase an aggregate of 75,670 shares and 12,845 restricted stock units.

What is the exercise price for the stock options granted by PTC Therapeutics?

The exercise price for the stock options is set at $45.46 per share.

What is the vesting schedule for PTC Therapeutics' stock options and RSUs?

The stock options vest over four years, with 25% vesting after the first year, while RSUs vest 25% annually over four years.

Under what NASDAQ rule did PTC Therapeutics make the inducement grants?

The grants were made under NASDAQ Listing Rule 5635(c)(4).