SOUTH PLAINFIELD, N.J.,
Feb. 21, 2017 /PRNewswire/
-- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced
that on February 20, 2017 it approved non-statutory stock
options to purchase an aggregate of 55,900 shares of its common
stock to 14 new employees. The awards were made pursuant to
the NASDAQ inducement grant exception as a component of
our new hires' employment compensation.
The inducement grants were approved by PTC's Compensation
Committee on February 20, 2017 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).
Eight of the stock option awards have an exercise price of
$13.50 per share, the closing price
of PTC's common stock on February 21,
2017, the date of the grant. The remaining six stock option
awards will have an exercise price equal to the closing price of
PTC's common stock on the applicable employee's new hire date, or
the first trading day thereafter, which will be 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 an additional 6.25% of the original number of shares vesting at
the end of each subsequent three-month period thereafter, subject
to the employee's continued service with the Company through the
applicable vesting dates.
ABOUT PTC THERAPEUTICS, INC.
PTC is a global biopharmaceutical company focused on the discovery,
development and commercialization of orally administered,
proprietary small molecule drugs targeting an area of RNA biology
we refer to as post-transcriptional control. Post-transcriptional
control processes are the regulatory events that occur in cells
during and after a messenger RNA, or mRNA, molecule is copied from
DNA through the transcription process. PTC's internally discovered
pipeline addresses multiple therapeutic areas, including rare
disorders and oncology. PTC has discovered all of its compounds
currently under development using its proprietary technologies. PTC
plans to continue to develop these compounds both on its own and
through selective collaboration arrangements with leading
pharmaceutical and biotechnology companies. For more information on
the company, please visit our website www.ptcbio.com.
For More Information:
Investors:
Emily
Hill
+1 (908) 912-9327
ehill@ptcbio.com
Media:
Jane Baj
+1 (908) 912-9167
jbaj@ptcbio.com
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SOURCE PTC Therapeutics, Inc.