Solid Biosciences Reports Inducement Grant to New Senior Vice President, Quality

Rhea-AI Summary

Solid Biosciences (Nasdaq: SLDB) announced the grant of inducement awards to Mark Tucker, PhD, as part of his appointment as Senior Vice President, Quality. This was approved by the independent board on April 25, 2022. Dr. Tucker received an option to purchase 120,000 shares of common stock at an exercise price of $0.57, along with a restricted stock unit for 60,000 shares. Both awards will vest over four years based on continued employment. Solid Biosciences focuses on therapies for Duchenne muscular dystrophy, including its gene therapy candidates SGT-001 and SGT-003.

Positive

• Appointment of Mark Tucker, PhD, as Senior VP, Quality, may enhance operational efficacy.
• Inducement awards align employee interests with shareholder success.

Negative

• None.

CAMBRIDGE, Mass., June 02, 2022 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (Nasdaq: SLDB), a life sciences company focused on advancing meaningful therapies for Duchenne muscular dystrophy (Duchenne), today announced the grant of inducement awards to its newly appointed Senior Vice President, Quality, Mark Tucker, PhD. The grant was approved by a majority of the independent directors of the Company on April 25, 2022 as an inducement material to Dr. Tucker entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The inducement grant to Dr. Tucker consisted of an option to purchase up to 120,000 shares of common stock and a restricted stock unit award with respect to 60,000 shares of common stock. The option has a ten-year term and an exercise price of $0.57 per share, the closing price per share of Solid Biosciences’ common stock as reported by Nasdaq on June 1, 2022. The option and restricted stock unit award each vest in four equal installments on each one-year anniversary of Dr. Tucker’s employment start date until the fourth anniversary of Dr. Tucker’s start date, subject to Dr. Tucker’s continued service with the Company through the applicable vesting dates.

About Solid Biosciences
Solid Biosciences is a life sciences company focused on advancing transformative treatments to improve the lives of patients living with Duchenne. Disease-focused and founded by a family directly impacted by Duchenne, our mandate is simple yet comprehensive – work to address the disease at its core by correcting the underlying mutation that causes Duchenne with our lead gene therapy candidate, SGT-001, as well as our recently announced next-generation gene therapy candidate, SGT-003. For more information, please visit www.solidbio.com.

Investor Contact:
David Carey
FINN Partners
212-867-1768
David.Carey@finnpartners.com   

Caitlin Lowie
Solid Biosciences
607-423-3219
clowie@solidbio.com 

Media Contact:
Erich Sandoval
FINN Partners
917-497-2867
Erich.Sandoval@finnpartners.com 

 

FAQ

What inducement awards did Solid Biosciences grant to Mark Tucker on June 2, 2022?

Solid Biosciences granted Mark Tucker an option to purchase 120,000 shares and a restricted stock unit award for 60,000 shares.

What is the exercise price for the stock options granted to Mark Tucker?

The exercise price for the stock options is $0.57 per share.

How long is the vesting period for Mark Tucker's awards at Solid Biosciences?

The vesting period for Mark Tucker's awards is four years, with installments vesting annually.

What is Solid Biosciences' focus in the life sciences sector?

Solid Biosciences focuses on developing therapies for Duchenne muscular dystrophy.

What are the gene therapy candidates being developed by Solid Biosciences?

Solid Biosciences is developing gene therapy candidates SGT-001 and SGT-003.