Portola Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
July 03 2018 - 8:30AM
Portola Pharmaceuticals, Inc.® (NASDAQ:PTLA) announced today that
on June 27, 2018, the Compensation Committee of the Board of
Directors approved, effective as of June 29, 2018, the grant of an
inducement stock option to purchase 87,500 shares of common stock
and an award in the form of 25,000 restricted stock units to Glenn
Brame, the Company’s newly appointed Senior Vice President,
Technical Operations.
The stock option shall have an exercise price per share of
$37.77, the closing price per share of the Company’s Common Stock
on June 29, 2018, and will vest over four years, with 25 percent of
the shares vesting on June 25, 2019, the one-year anniversary of
the vesting commencement date, and the remaining shares vesting
ratably over the subsequent 36 months, subject to Mr. Brame’s
continued service with the Company. The 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 award shall vest in three equal annual installments over three
years, with the first installment vesting on September 1, 2019, in
each case subject to Mr. Brame’s continued service with the
Company.
The awards were granted as inducements material to Mr. Brame
entering into employment with Portola in accordance with NASDAQ
Listing Rule 5635(c)(4).
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a
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 diseases. The Company’s two FDA-approved medicines
are Bevyxxa® (betrixaban), the first and only oral, once-daily
Factor Xa inhibitor, and Andexxa® [coagulation factor Xa
(recombinant), inactivated-zhzo], the first and only antidote for
the Factor Xa inhibitors rivaroxaban and apixaban. The company also
is advancing cerdulatinib, a Syk/JAK inhibitor for the treatment of
hematologic cancers.
Investor Contact: Cara
Miller
Portola Pharmaceuticalsir@portola.com
Media Contact:Laurie MasonsonPure
Communicationslmasonson@purecommunications.com
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