Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
March 02 2017 - 4:20PM
Business Wire
Sage Therapeutics (NASDAQ: SAGE), a clinical-stage
biopharmaceutical company developing novel medicines to treat
life-altering central nervous system (CNS) disorders, announced
that, on March 1, 2017, the Compensation Committee of Sage’s Board
of Directors granted non-qualified stock options to purchase an
aggregate of 67,000 shares of its common stock to four new
employees under Sage’s 2016 Inducement Equity Plan.
The 2016 Inducement Equity Plan is used exclusively for the
grant of equity awards to individuals who were not previously an
employee or non-employee director of Sage (or following a bona fide
period of non-employment), as an inducement material to such
individual's entering into employment with Sage, pursuant to Rule
5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $70.17 per share, which is
equal to the closing price of Sage’s common stock on March 1, 2017.
Twenty-five percent of the shares shall vest and become exercisable
on the one year anniversary; thereafter, the remaining 75% of the
shares shall vest and become exercisable in 36 equal monthly
installments at the end of each month following the anniversary, in
each case, subject to each such employee’s continued employment
with Sage on such vesting dates. The options are subject to the
terms and conditions of Sage’s 2016 Inducement Equity Plan, and the
terms and conditions of a stock option agreement covering the
grant.
About Sage Therapeutics
Sage Therapeutics is a clinical-stage biopharmaceutical
company committed to developing novel medicines to transform the
lives of patients with life-altering central nervous system (CNS)
disorders. Sage has a portfolio of novel product candidates
targeting critical CNS receptor systems, GABA and NMDA. Sage's lead
program, brexanolone (SAGE-547), is in Phase 3 clinical development
for super-refractory status epilepticus, a rare and severe seizure
disorder, and for postpartum depression. Sage is developing its
next generation modulators, including SAGE-217 and SAGE-718, with a
focus on acute and chronic CNS disorders. For more information,
please visit www.sagerx.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170302006310/en/
Investor Contact:Sage TherapeuticsPaul Cox,
617-299-8377paul.cox@sagerx.comorMedia Contact:Suda
Communications LLCMaureen L. Suda,
585-387-9248maureen.suda@sagerx.com
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