Regulus Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On January 13, 2023, Regulus Therapeutics Inc. (Nasdaq: RGLS) announced the grant of inducement stock options to Dr. Claire Padgett and Dr. Rekha Garg upon their appointments as Senior Vice Presidents. Each received an option to purchase 120,000 shares at an exercise price of $1.48 per share. The options have a 10-year term and will vest over four years, starting with 25% vesting on December 1, 2023. This grant aligns with NASDAQ Listing Rule 5635(c)(4) and is considered material to their employment acceptance. Regulus focuses on developing medicines targeting microRNAs and holds a robust intellectual property portfolio.

Positive

• Appointment of experienced executives to senior positions.
• Issuance of stock options may align executive interests with shareholder value.

Negative

• None.

SAN DIEGO, Jan. 13, 2023 /PRNewswire/ -- Regulus Therapeutics Inc. (Nasdaq: RGLS), a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs (the "Company" or "Regulus"), today announced the grant of an inducement stock option to Claire Padgett, Ph.D. and to Rekha Garg, M.D., M.S., on January 11, 2023 in connection with their respective appointments as Regulus' Senior Vice President, Clinical Operations and Senior Vice President, Clinical Development and Regulatory. The grants in accordance with NASDAQ Listing Rule 5635(c)(4) are an inducement material to Dr. Padgett's and Dr. Garg's acceptance of employment with Regulus.

In connection with their hiring, each of Dr. Padgett and Dr. Garg received an option to purchase 120,000 shares of Regulus' common stock, with an exercise price of $1.48 per share, which is equal to the fair market value on the grant date. The option has a 10-year term and vests over a period of four years, with 25% vesting on December 1, 2023, which is one year following the date of commencement of vesting and the remaining 75% vesting ratably over the succeeding thirty-six months, subject to their continuous service through each vesting date, and subject to the terms and conditions of Regulus' Inducement Plan and stock option grant notice and agreement thereunder.

About Regulus

Regulus Therapeutics Inc. (Nasdaq: RGLS) is a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs. Regulus has leveraged its oligonucleotide drug discovery and development expertise to develop a pipeline complemented by a rich intellectual property estate in the microRNA field. Regulus maintains its corporate headquarters in San Diego, CA. 

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SOURCE Regulus Therapeutics Inc.

FAQ

What is the significance of the inducement stock option grant on January 11, 2023, for RGLS?

The inducement stock option grant highlights the recruitment of key executives, potentially strengthening RGLS's leadership and strategic direction.

How many shares were granted to Dr. Padgett and Dr. Garg?

Both executives received an option to purchase 120,000 shares of Regulus' common stock.

What is the exercise price for the stock options granted to RGLS executives?

The exercise price for the stock options is $1.48 per share, equal to the fair market value on the grant date.

When will the stock options start vesting for the new executives at RGLS?

The stock options will begin vesting on December 1, 2023, with 25% vesting at that time.

What rule does the inducement stock option grant comply with?

The grant complies with NASDAQ Listing Rule 5635(c)(4).