PLYMOUTH
MEETING, Pa., April 3,
2023 /PRNewswire/ -- INOVIO (NASDAQ: INO), a
biotechnology company focused on developing and commercializing DNA
medicines to help treat and protect people from HPV-associated
diseases, cancer, and infectious diseases, today announced that it
has made an equity grant to its newly hired Senior Vice President,
Regulatory Affairs under its 2022 Inducement Plan (the "Inducement
Plan").
The Compensation Committee of INOVIO's Board of Directors has
approved the award of restricted stock units ("RSUs") covering an
aggregate of 45,000 shares of common stock and options to purchase
an aggregate of 70,000 shares of common stock, with a grant date of
March 31, 2023 (the "Grant Date"), to
the newly hired employee 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 $0.82, 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
HPV-associated diseases, cancer, and infectious diseases. INOVIO's
DNA medicines in development are delivered using its
investigational proprietary smart device, CELLECTRA®, to
produce immune responses against targeted pathogens and cancers.
For more information, visit www.inovio.com.
Contacts
Media: Jennie Willson (267)
429-8567 jennie.willson@inovio.com
Investors: Thomas Hong (267)
440-4298 thomas.hong@inovio.com
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SOURCE INOVIO Pharmaceuticals, Inc.