SOUTH PLAINFIELD, N.J.,
Oct. 23, 2019 /PRNewswire/
-- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced
that on October 18, 2019 it approved non-statutory stock
options to purchase an aggregate of 144,150 shares of its common
stock to 29 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 October 18, 2019 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).
All stock option awards have an exercise price of $36.28
per share, the closing price of PTC's common stock on October
18, 2019, the date of the 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 science-driven, global biopharmaceutical company focused
on the discovery, development and commercialization of
clinically-differentiated medicines that provide benefits to
patients with rare disorders. PTC's ability to globally
commercialize products is the foundation that drives investment in
a robust pipeline of transformative medicines and our mission to
provide access to best-in-class treatments for patients who have an
unmet medical need.
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.