Precision BioSciences Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
November 04 2022 - 7:19PM
Business Wire
Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage
gene editing company developing ARCUS®-based ex vivo allogeneic CAR
T and in vivo gene editing therapies, today announced that, on
November 2, 2022, the Compensation Committee of Precision’s Board
of Directors approved the grant of inducement awards to new
employees under the Precision BioSciences, Inc. 2021 Employment
Inducement Incentive Award Plan (“Inducement Award Plan”). The
inducement awards consist of options to purchase (“stock options”)
an aggregate of 272,352 shares of Precision’s common stock, par
value $0.000005 (the “Common Stock”), which stock options were
granted among fifteen employees who commenced employment between
July 25, 2022 and October 17, 2022. Each of the stock options were
granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for
the employees to commence service with Precision.
The stock options have a per share exercise price equal to the
fair market value of Precision’s Common Stock on the grant date,
which was equal to $1.39. Each of the stock options has a 10-year
term and vests (subject to continued service to Precision through
the applicable vesting dates) as to 25% of the award on the first
anniversary of the date of the commencement of their employment
and, as to the remaining 75%, in substantially equal quarterly
installments over the three years thereafter.
About Precision BioSciences, Inc.
Precision BioSciences, Inc. is a clinical stage biotechnology
company dedicated to improving life (DTIL) with its novel and
proprietary ARCUS® genome editing platform. ARCUS is a highly
precise and versatile genome editing platform that was designed
with therapeutic safety, delivery, and control in mind. Using
ARCUS, the Company’s pipeline consists of multiple ex vivo
“off-the-shelf” CAR T immunotherapy clinical candidates and several
in vivo gene editing candidates designed to cure genetic and
infectious diseases where no adequate treatments exist. For more
information about Precision BioSciences, please visit
www.precisionbiosciences.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221104005623/en/
Investor Contact: Mei Burris Director, Investor Relations
and Finance Mei.Burris@precisionbiosciences.com
Media Contact: Maurissa Messier Senior Director,
Corporate Communications
Maurissa.Messier@precisionbiosciences.com
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