SOUTH SAN FRANCISCO, Calif.,
March 2, 2020 /PRNewswire/ -- Portola
Pharmaceuticals, Inc.® (NASDAQ: PTLA) announced today
that on February 28, 2020, the
Compensation Committee of the Board of Directors approved,
effective as of February 28, 2020, a
grant to Rajiv Patni of (i)
inducement stock options to purchase 125,000 shares of common
stock, and (ii) awards of 35,000 restricted stock units. Also
approved, effective as of February 28,
2020, the grant to three new employees of (i) inducement
stock options to purchase an aggregate of 24,000 shares of common
stock, and (ii) awards of 12,000 restricted stock units in the
aggregate.
Each stock option shall have an exercise price per share of
$10.11, the closing price per share
of the Company's Common Stock on February
28, 2020, and will vest over four years, with 25% of the
shares vesting on the one-year anniversary of the applicable
vesting commencement date and the remaining shares vest ratably
over the subsequent 36 months, subject to each new employee's
continued service with the Company. Each stock option has a
ten-year term and is subject to the terms and conditions of the
Company's Inducement Plan and the stock option agreement pursuant
to which the option was granted. The shares subject to the
restricted stock unit awards granted shall vest in three equal
annual installments over three years, with the first installment
vesting on March 1, 2020 subject to
each new employee's continued service with the Company.
The awards were granted as inducements material to the new
employees entering into employment with Portola in accordance with Nasdaq Listing Rule
5635(c)(4).
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a global, commercial-stage
biopharmaceutical company focused on the discovery, development and
commercialization of novel therapeutics that could significantly
advance the fields of thrombosis and other hematologic conditions.
The Company's first two commercialized products are
Andexxa® [coagulation factor Xa (recombinant),
inactivated-zhzo], marketed in Europe as
Ondexxya® (andexanet alfa), and
Bevyxxa® (betrixaban). The company also is
advancing cerdulatinib, a SYK/JAK inhibitor being developed for the
treatment of hematologic cancers. Founded in 2003 in South San
Francisco, California, Portola has operations in the
United States and Europe.
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SOURCE Portola Pharmaceuticals, Inc.®