Passage Bio Announces Inducement Grant Under Nasdaq Listing Rule 5635(C)(4)
November 17 2023 - 4:30PM
Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic
medicines company focused on developing transformative therapies
for central nervous system (CNS) disorders, today announced it has
granted an inducement award to a new employee.
Passage Bio granted options to purchase 10,400 shares of common
stock to this employee as material inducement to employment in
accordance with Nasdaq Listing Rule 5635(c)(4). The stock options
have an exercise price of $0.628 per share, which is equal to the
closing price of Passage Bio’s common stock on November 15, 2023,
the grant date of the options.
The shares subject to the Inducement Options will vest over four
years, with 25 percent of the shares vesting on the one-year
anniversary of the applicable vesting commencement date, and the
remainder vesting in 36 equal monthly installments thereafter,
subject to the employee’s continued employment. The stock options
have a 10-year term and are subject to the terms and conditions of
the stock option agreement.
About Passage Bio
Passage Bio (Nasdaq: PASG) is a clinical-stage genetic medicines
company on a mission to provide life-transforming therapies for
patients with CNS diseases with limited or no approved treatment
options. Our portfolio spans pediatric and adult CNS indications,
and we are currently advancing clinical programs in GM1
gangliosidosis and frontotemporal dementia and our preclinical
pipeline, including programs in amyotrophic lateral sclerosis and
Huntington’s disease. Based in Philadelphia, PA, our company has
established a strategic collaboration and licensing agreement with
the renowned University of Pennsylvania’s Gene Therapy Program to
conduct our discovery and IND-enabling preclinical work. Through
this collaboration, we have enhanced access to a broad portfolio of
gene therapy candidates and future gene therapy innovations that we
then pair with our deep clinical, regulatory, manufacturing and
commercial expertise to rapidly advance our robust pipeline of
optimized gene therapies. As we work with speed and tenacity, we
are always mindful of patients who may be able to benefit from our
therapies. More information is available
at www.passagebio.com.
For further information, please contact:
Passage Bio Investors:
Stuart HendersonPassage
Bio267-866-0114shenderson@passagebio.com
Passage Bio Media:Mike BeyerSam Brown Inc. Healthcare
Communications312-961-2502MikeBeyer@sambrown.com
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