Spero Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
September 30 2019 - 5:00PM
Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset
clinical-stage biopharmaceutical company focused on identifying,
developing and commercializing treatments in high unmet need areas
involving multi-drug resistant (MDR) bacterial infections and rare
diseases, today announced that on September 30, 2019 the
Compensation Committee of Spero’s Board of Directors granted
non-qualified stock option awards to purchase an aggregate of
20,000 shares of its common stock to three new employees under
the Spero Therapeutics, Inc. 2019 Inducement Equity
Incentive Plan, or the 2019 Inducement Plan. The stock options were
granted as inducements material to the new employees becoming
employees of Spero in accordance with Nasdaq Listing Rule
5635(c)(4).
The 2019 Inducement Plan is used exclusively for
the grant of equity awards to individuals who were not previously
employees of Spero (or following a bona fide period of
non-employment), as an inducement material to such individuals’
entering into employment with Spero, pursuant to Rule 5635(c)(4) of
the Nasdaq Listing Rules.
The options have an exercise price of $10.60 per
share, which is equal to the closing price of Spero’s common stock
on The Nasdaq Global Select Market on September 30, 2019. Each
option will vest over a four-year period, with 25% of the shares
vesting after 12 months and the remaining shares vesting monthly
over the following 36-months, subject to each employee’s continued
employment with Spero on such vesting dates. The options are
subject to the terms and conditions of the 2019 Inducement Plan and
the terms and conditions of a stock option agreement covering the
grant.
About Spero Therapeutics,
Inc. Spero Therapeutics, Inc. is a multi-asset,
clinical-stage biopharmaceutical company focused on identifying,
developing and commercializing novel treatments for
multidrug-resistant (MDR) bacterial infections and rare
diseases.
Spero’s lead product candidate, SPR994, is
designed to be the first oral carbapenem-class antibiotic for use
in adults to treat MDR Gram-negative infections.
Spero is also advancing SPR720, its novel oral
therapy product candidate designed for the treatment of rare,
orphan disease caused by pulmonary non-tuberculous mycobacterial
(NTM) infections.
Spero also has a platform technology known as
its Potentiator Platform that it believes will enable it to develop
drugs that will expand the spectrum and potency of existing
antibiotics, including formerly inactive antibiotics, against
Gram-negative bacteria. Spero’s lead product candidates generated
from its Potentiator Platform are two IV-administered agents,
SPR206 and SPR741, designed to treat MDR Gram-negative infections
in the hospital setting.
For more information,
visit https://sperotherapeutics.com.
Spero Investor and Media Contact: Sharon
Klahre Senior Director, Investor Relations 857-242-1547
IR@sperotherapeutics.com
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