SOUTH PLAINFIELD, N.J.,
Nov. 20, 2017 /PRNewswire/
-- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced
that on November 15, 2017 it
approved non-statutory stock options to purchase an aggregate of
61,500 shares of its common stock to eight new employees. The
awards were made pursuant to the NASDAQ inducement grant
exception as a component of the new hires' employment
compensation.
The inducement grants were approved by PTC's Compensation
Committee on November 15, 2017 and are being made as
an inducement material to each employee's acceptance of employment
with the Company in accordance with NASDAQ Listing Rule
5635(c)(4).
Five of the stock option awards have an exercise price of
$15.14 per share, the closing price
of PTC's common stock on November 15, 2017, the date of the
grant. The three remaining stock option awards will have an
exercise price equal to the closing stock price of PTC's common
stock on the applicable employees' new hire date, or the first
trading day thereafter, which will be the date of grant. The
stock options each have a 10-year term and vest over four years,
with 25% of the original number of shares vesting on the first
anniversary of the applicable employee's new hire date and 6.25% of
the original number of shares vesting at the end of each subsequent
three-month period thereafter until fully vested, subject to the
employee's continued service with the Company through the
applicable vesting dates.
ABOUT PTC THERAPEUTICS, INC.
PTC is a global biopharmaceutical company focused on the discovery,
development, and commercialization of novel medicines using our
expertise in RNA biology. PTC's internally discovered pipeline
addresses multiple therapeutic areas, including rare disorders and
oncology. PTC has discovered all of its compounds currently under
development using its proprietary technologies. Since its founding
nearly 20 years ago, PTC's mission has focused on developing
treatments to fundamentally change the lives of patients living
with rare genetic disorders. The company was founded in 1998 and is
headquartered in South Plainfield, New
Jersey. For more information on the company, please visit
our website www.ptcbio.com.
For More Information:
Investors:
Emily
Hill
+1 (908) 912-9327
ehill@ptcbio.com
Media:
Jane Baj
+1 (908) 912-9167
jbaj@ptcbio.com
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SOURCE PTC Therapeutics, Inc.