AVROBIO Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
January 06 2022 - 7:00AM
Business Wire
AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene
therapy company with a mission to free people from a lifetime of
genetic disease, today announced that the company has granted
non-statutory stock options for the purchase of up to an aggregate
of 30,500 shares of the company’s common stock to three new
employees as inducement awards under the company’s 2019 Inducement
Plan. The grants were made in accordance with Nasdaq Listing Rule
5635(c)(4).
The stock options were granted as inducements material to the
new employees’ acceptance of employment with the company and were
approved by the Compensation Committee of the company’s Board of
Directors. The stock options were granted on Jan. 3, 2022, with an
exercise price of $4.04 per share, representing the closing price
of AVROBIO’s common stock as reported by Nasdaq on the grant
date.
The stock option awards have a 10-year term and vest over four
years, with 25 percent of the original number of shares vesting on
the first anniversary of the employees’ new hire date and the
remainder vesting in equal monthly installments over the following
three years. Vesting of the option awards is subject to continued
service with AVROBIO by the employee through the applicable vesting
dates.
About AVROBIO
Our vision is to bring personalized gene therapy to the world.
We aim to prevent, halt or reverse disease throughout the body with
a single dose of gene therapy designed to drive durable expression
of therapeutic protein, even in hard-to-reach tissues and organs
including brain, muscle and bone. AVROBIO’s pipeline is powered by
our industry-leading plato® gene therapy platform, our foundation
designed to deliver gene therapy worldwide. It includes clinical
programs in cystinosis and Gaucher disease type 1, as well as
preclinical programs in Gaucher disease type 3, Hunter syndrome and
Pompe disease. We are headquartered in Cambridge, Mass., with an
office in Toronto, Ontario. For additional information, visit
avrobio.com, and follow us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
statements may be identified by words and phrases such as “aims,”
“anticipates,” “believes,” “could,” “designed to,” “estimates,”
“expects,” “forecasts,” “goal,” “intends,” “may,” “plans,”
“possible,” “potential,” “seeks,” “will,” and variations of these
words and phrases or similar expressions that are intended to
identify forward-looking statements. These forward-looking
statements include, without limitation, statements regarding our
business strategy for and the potential therapeutic benefits of our
prospective product candidates, the design, commencement,
enrollment and timing of ongoing or planned clinical trials,
clinical trial results, product approvals and regulatory pathways,
anticipated benefits of our gene therapy platform including
potential impact on our commercialization activities, timing and
likelihood of success, the expected benefits and results of our
implementation of the plato® platform in our clinical trials and
gene therapy programs and the expected safety profile of our
investigational gene therapies. Any such statements in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements. Results in preclinical or
early-stage clinical trials may not be indicative of results from
later stage or larger scale clinical trials and do not ensure
regulatory approval. You should not place undue reliance on these
statements, or the scientific data presented.
Any forward-looking statements in this press release are based
on AVROBIO’s current expectations, estimates and projections about
our industry as well as management’s current beliefs and
expectations of future events only as of today and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially and adversely from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the risk that any
one or more of AVROBIO’s product candidates will not be
successfully developed or commercialized, the risk of cessation or
delay of any ongoing or planned clinical trials of AVROBIO or our
collaborators, the risk that AVROBIO may not successfully recruit
or enroll a sufficient number of patients for our clinical trials,
the risk that AVROBIO may not realize the intended benefits of our
gene therapy platform, including the features of our plato®
platform, the risk that our product candidates or procedures in
connection with the administration thereof will not have the safety
or efficacy profile that we anticipate, the risk that prior
results, such as signals of safety, activity or durability of
effect, observed from preclinical or clinical trials, will not be
replicated or will not continue in ongoing or future studies or
trials involving AVROBIO’s product candidates, the risk that we
will be unable to obtain and maintain regulatory approval for our
product candidates, the risk that the size and growth potential of
the market for our product candidates will not materialize as
expected, risks associated with our dependence on third-party
suppliers and manufacturers, risks regarding the accuracy of our
estimates of expenses and future revenue, risks relating to our
capital requirements and needs for additional financing, risks
relating to clinical trial and business interruptions resulting
from the COVID-19 outbreak or similar public health crises,
including that such interruptions may materially delay our
development timeline and/or increase our development costs or that
data collection efforts may be impaired or otherwise impacted by
such crises, and risks relating to our ability to obtain and
maintain intellectual property protection for our product
candidates. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could
cause AVROBIO’s actual results to differ materially and adversely
from those contained in the forward-looking statements, see the
section entitled “Risk Factors” in AVROBIO’s most recent Quarterly
Report, as well as discussions of potential risks, uncertainties
and other important factors in AVROBIO’s subsequent filings with
the Securities and Exchange Commission. AVROBIO explicitly
disclaims any obligation to update any forward-looking statements
except to the extent required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220106005212/en/
Investor Contact: Christopher F. Brinzey Westwicke, an
ICR Company 339-970-2843 chris.brinzey@westwicke.com Media
Contact: Kit Rodophele Ten Bridge Communications
krodophele@tenbridgecommunications.com
AVROBIO (NASDAQ:AVRO)
Historical Stock Chart
From Apr 2024 to May 2024
AVROBIO (NASDAQ:AVRO)
Historical Stock Chart
From May 2023 to May 2024