Voyager Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Voyager Therapeutics (Nasdaq: VYGR) has announced an employment agreement for a new hire, which includes grants of stock options and restricted stock units. The stock option allows the purchase of 54,000 shares at an exercise price of $5.57, vesting over four years. Additionally, 27,000 restricted stock units will vest annually over three years starting January 1, 2023. These equity awards aim to attract talent essential for Voyager's advancements in gene therapy and neurology. The company's TRACER platform aims to enhance gene therapy delivery targeting neurological diseases.

Positive

• Grant of 54,000 stock options and 27,000 restricted stock units to attract talent.
• Stock option grant price aligns with market value, potentially incentivizing performance.

Negative

• None.

CAMBRIDGE, Mass., Nov. 29, 2022 (GLOBE NEWSWIRE) -- Voyager Therapeutics, Inc. (Nasdaq: VYGR), a biotechnology company dedicated to breaking through barriers in gene therapy and neurology, has entered into an employment agreement with a newly hired employee that, among other things, provides for the grant to such employee of a non-qualified stock option and restricted stock units as an inducement material to such employee’s entering into employment with Voyager. The inducement awards were approved by the Compensation Committee of Voyager’s Board of Directors in accordance with Nasdaq Stock Market Listing Rule 5635(c)(4). The option award became effective on November 28, 2022, and the restricted stock unit award is scheduled to become effective on January 1, 2023.

The stock option award provides for the purchase of an aggregate of 54,000 shares of Voyager’s common stock, and the restricted stock unit award will represent 27,000 shares of Voyager’s common stock. The stock option has a ten-year term and an exercise price of $5.57 per share, which is equal to the closing price of Voyager's common stock on November 28, 2022, the effective date of grant. The stock option vests over four years, with 25% of the shares underlying the stock option vesting on the first anniversary of the effective date of grant and 75% of the shares underlying the stock option vesting in 36 equal monthly installments following the first anniversary of the effective date of grant. The restricted stock unit award vests annually in equal installments over three years, beginning on the first anniversary of the effective date of grant. Vesting of the equity awards is subject to the employee’s continued employment with Voyager. Each equity award is also subject to the terms and conditions of an award agreement.

About Voyager Therapeutics 
Voyager Therapeutics (Nasdaq: VYGR) is a biotechnology company dedicated to breaking through barriers in gene therapy and neurology. The potential of both disciplines has been constrained by delivery challenges; Voyager is leveraging cutting-edge expertise in capsid discovery and deep neuropharmacology capabilities to address these constraints. Voyager’s TRACER AAV capsid discovery platform has generated novel capsids with high target delivery and blood-brain barrier penetration at low doses, potentially addressing the narrow therapeutic window associated with conventional gene therapy delivery vectors. This platform is fueling alliances with Pfizer Inc., Novartis Pharma AG and Neurocrine Biosciences, Inc. as well as multiple programs in Voyager’s own pipeline. Voyager’s pipeline includes preclinical programs in Parkinson’s disease, Alzheimer’s disease, and amyotrophic lateral sclerosis (ALS), each with validated targets and biomarkers to enable a path to rapid potential proof-of-biology. For more information, visit www.voyagertherapeutics.com.

Voyager Therapeutics^® is a registered trademark, and TRACER™ is a trademark, of Voyager Therapeutics, Inc.

Investors
Investors@vygr.com  

Media
Peg Rusconi
prusconi@vergescientific.com 

FAQ

What is the purpose of Voyager Therapeutics' recent employment agreement?

The recent employment agreement aims to attract new talent by providing stock options and restricted stock units.

How many shares are included in the stock option granted by Voyager Therapeutics?

The stock option allows for the purchase of 54,000 shares of Voyager's common stock.

What is the exercise price for the stock options granted to the new employee at Voyager Therapeutics?

The exercise price for the stock options is $5.57 per share.

When will the restricted stock units granted by Voyager Therapeutics vest?

The restricted stock units will vest annually in equal installments over three years, beginning January 1, 2023.

What is the significance of the TRACER platform for Voyager Therapeutics?

The TRACER platform enhances gene therapy delivery, specifically targeting neurological diseases and expanding Voyager's pipeline.