PLYMOUTH
MEETING, Pa., Sept. 1,
2022 /PRNewswire/ -- INOVIO (NASDAQ:INO), a
biotechnology company focused on developing and commercializing DNA
medicines to help treat and protect people from infectious
diseases, cancer, and diseases associated with HPV, today announced
that it has made equity grants to two newly hired employees,
including a Vice President of Clinical Development, under its 2022
Inducement Plan (the "Inducement Plan").
On August 31, 2022 (the "Grant
Date"), the Compensation Committee of INOVIO's Board of Directors
approved the award of restricted stock units ("RSUs") covering an
aggregate of 5,000 shares of common stock and options to purchase
an aggregate of 26,250 shares of common stock to two newly hired
employees in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs will vest over a three-year period, with one-third of
the shares vesting on each of the first, second and third
anniversaries of the Grant Date. The stock option has an
exercise price of $2.29, the closing price of INOVIO's common
stock on the Grant Date. The stock option will vest and become
exercisable with respect to one-fourth of the shares underlying the
stock option vested on the Grant Date, and an additional one-fourth
of the shares underlying the stock option on the first, second and
third anniversaries of the Grant Date. The vesting of the RSUs and
stock options will be subject to the employee's continued
employment with INOVIO on the applicable vesting dates. Each of
these awards is subject to the terms and conditions of a stock
option agreement and RSU award agreement, as applicable, under the
Inducement Plan.
About INOVIO
INOVIO is a biotechnology company focused on developing and
commercializing DNA medicines to help treat and protect people from
infectious diseases, cancer, and diseases associated with HPV. Our
DNA medicines in development are delivered using our
investigational proprietary smart device to produce immune
responses against targeted pathogens and cancers. For more
information, visit www.inovio.com.
Contacts
Investors & Media:
Gene Kim, (267) 589-9471,
gene.kim@inovio.com
Thomas Hong, (267) 440-4298,
thomas.hong@inovio.com
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SOURCE INOVIO Pharmaceuticals, Inc.