LA JOLLA, Calif., Oct. 6, 2016 /PRNewswire/ -- Regulus
Therapeutics Inc. (NASDAQ: RGLS), a biopharmaceutical company
leading the discovery and development of innovative medicines
targeting microRNAs, today announced the grant of an inducement
stock option to Timothy M. Wright,
M.D. on October 3, 2016 in connection
with his appointment as Regulus' Chief R&D Officer. The
grant was made as an inducement material to Dr. Wright's
acceptance of employment with Regulus in accordance
with NASDAQ Listing Rule 5635(c)(4).
In connection with his hiring, which Regulus announced
on October 5, 2016, Dr. Wright received an option to purchase
181,806 shares of Regulus' common stock, with an exercise price
of $3.30 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 October
3, 2017, which is one year following the date of grant and the
remaining 75% vesting ratably over the succeeding thirty-six
months, subject to Dr. Wright's 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. In addition, Dr. Wright also received a
Performance-based grant of 400,000 shares of Regulus' common stock,
also with an exercise price of $3.30
per share, which is equal to the fair market value of Regulus'
common stock on the date of grant. The option, which also has
a 10-year term, fully vests in 100,000 share increments upon the
achievement of four separate specified milestones. In the
event a milestone is not achieved by a specified date, the options
subject to the milestones will be cancelled. The option is
also subject to Dr. Wright's continuous service with Regulus
through each of the vesting dates and is 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 leading the discovery and development of innovative
medicines targeting microRNAs. Regulus has leveraged its
oligonucleotide drug discovery and development expertise to develop
a well-balanced microRNA therapeutics pipeline complemented by a
maturing microMarkersSM biomarkers platform and a rich
intellectual property estate to retain its leadership in the
microRNA field. Regulus is developing RG-101, a
GalNAc-conjugated anti-miR targeting microRNA-122 for the treatment
of chronic hepatitis C virus infection, and RG-012, an anti-miR
targeting microRNA-21 for the treatment of Alport syndrome, a
life-threatening kidney disease driven by genetic mutations with no
approved therapy. In addition, RG-125, a GalNAc-conjugated
anti-miR targeting microRNA-103/107 for the treatment of NASH in
patients with type 2 diabetes/pre-diabetes, has entered Phase I
clinical development through its strategic alliance with
AstraZeneca. Regulus is also advancing several programs
toward clinical development in renal, hepatic and central nervous
systems diseases, both independently and with our strategic
alliance partners, Sanofi and AstraZeneca. Regulus' commitment to
innovation has resulted in multiple peer-reviewed publications in
notable scientific journals and has resulted in the formation of
strategic alliances with AstraZeneca and Sanofi. Regulus
maintains its corporate headquarters in La Jolla, CA. For more information,
please visit http://www.regulusrx.com.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements associated with the expected ability
of Regulus to undertake certain activities and accomplish certain,
the projected timeline of clinical development activities, and
expectations regarding future therapeutic and commercial potential
of Regulus' business plans, technologies and intellectual property
related to microRNA therapeutics and biomarkers being discovered
and developed by Regulus. Because such statements are subject
to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements.
Words such as "believes," "anticipates," "plans," "expects,"
"intends," "will," "goal," "potential" and similar expressions are
intended to identify forward-looking statements. These
forward-looking statements are based upon Regulus' current
expectations and involve assumptions that may never materialize or
may prove to be incorrect. Actual results and the timing of
events could differ materially from those anticipated in such
forward-looking statements as a result of various risks and
uncertainties, which include, without limitation, risks associated
with the process of discovering, developing and commercializing
drugs that are safe and effective for use as human therapeutics,
and in the endeavor of building a business around such drugs.
These and other risks concerning Regulus' financial position and
programs are described in additional detail in Regulus filings with
the Securities and Exchange Commission. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Regulus undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
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SOURCE Regulus Therapeutics Inc.