Assembly Biosciences Reports Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
August 09 2019 - 4:30PM
Assembly Biosciences, Inc. (NASDAQ: ASMB), a clinical-stage
biotechnology company developing innovative therapeutics targeting
hepatitis B virus (HBV) and diseases associated with the
microbiome, today announced a grant of inducement awards to its
President and Chief Executive Officer, John McHutchison, AO, MD on
August 6, 2019.
The Company granted Dr. McHutchison non-qualified
stock options to purchase 500,000 shares of the company’s common
stock with an exercise price of $11.86 per share, the closing price
of Assembly’s common stock as reported by Nasdaq on August 6, 2019.
The option grant was made as a material inducement to Dr.
McHutchison to accept the Company’s offer of employment as its
President and CEO. The stock options have a ten-year term and vest
over three years, with one-third vesting on the first anniversary
of the date of grant and the remaining two-thirds vesting in
substantially equal monthly installments over the next 24 months.
The options are subject to Dr. McHutchison’s continued service with
Assembly through the applicable vesting dates and to acceleration
upon the occurrence of certain events as set forth in the award
agreement evidencing the options.
The option grant was granted outside of Assembly’s
stockholder-approved equity incentive plans pursuant to Assembly’s
2019 Inducement Award Plan. The stock options were approved by the
compensation committee of the board of directors, which is
comprised solely of independent directors, as a material inducement
to Dr. McHutchison entering into employment with the Company in
accordance with Nasdaq Listing Rule 5635(c)(4).
About Assembly Biosciences
Assembly Biosciences, Inc. is a clinical-stage biotechnology
company developing innovative therapeutics targeting hepatitis B
virus (HBV) and diseases associated with the microbiome. The HBV
program is focused on advancing a new class of potent, oral core
inhibitors that have the potential to increase cure rates for
chronically infected patients. The microbiome program is
developing novel oral live microbial biotherapeutic candidates with
Assembly’s fully integrated platform, including a robust process
for strain identification and selection, GMP banking and
production, and targeted delivery to the lower gastrointestinal
tract with the GEMICEL® technology. For more information,
visit assemblybio.com.
Contact Assembly Biosciences, Inc.
Investors: Lauren Glaser (415) 521-3828 lglaser@assemblybio.com
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