IRVINE, California,
June 12, 2017 /PRNewswire/ -- Novus
Therapeutics, Inc. (NASDAQ: NVUS) announced today that the
Compensation Committee of the Company's Board of Directors approved
a grant of inducement stock options for two new employees. The
Compensation Committee approved a grant of options to purchase
8,700 shares of the Company's common stock with a $4.86 exercise price, the closing price on
May 30, 2017. The options have a
ten-year term and vest over four years, with one-fourth vesting on
the first anniversary of the date of grant and the remaining
three-fourths vesting in equal monthly installments
thereafter.
The grant was made as an inducement that was a material
component of the new employee's compensation and subsequent
acceptance of employment with the Company and was granted as an
employment inducement award pursuant to Nasdaq Listing Rule
5635(c)(4) approved by the Company's Compensation Committee.
About Novus Therapeutics
Novus Therapeutics is a pharmaceutical company focusing on the
acquisition, development, and commercialization of ear, nose, and
throat (ENT) products. The company has two technologies, each
of which has the potential to be developed for multiple ENT
indications. The company's lead product is a
nasally-administered, combination drug product (OP-02) intended to
address the underlying cause of otitis media and Eustachian tube
dysfunction (OM/ETD), conditions that affect more than 700 million
people around the world every year. Otitis media is one of the
most common diseases seen by pediatricians and the most frequent
reason children consume antibiotics or undergo surgery. The
company also has a foam-based drug delivery technology platform
(OP-01) that can be used to deliver drugs into the ear, nose, and
sinus cavities. The company is currently developing a
foam-based combination drug-product delivered to the external ear
canal that is an improved treatment option for acute otitis externa
("swimmers ear"). For more information on the company, please
visit novustherapeutics.com.
Investor Contacts
The Trout Group
Gita Ogawa
Tel: (646) 378-2949
gogawa@troutgroup.com
Novus Therapeutics, Inc.
Investor Relations
Tel: (949) 238-8090
investors@novustherapeutics.com
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