PLYMOUTH
MEETING, Pa., Aug. 4, 2023
/PRNewswire/ -- INOVIO (NASDAQ:INO), a biotechnology company
focused on developing and commercializing DNA medicines
to help treat and protect people from HPV-associated diseases,
cancer, and infectious diseases, today announced that it has
made equity grants to two newly hired
employees under its 2022 Inducement Plan (the "Inducement
Plan").
The Compensation Committee of INOVIO's Board of Directors has
approved the award of restricted stock units ("RSUs")
covering an aggregate of 10,000 shares of common stock and options
to purchase an aggregate of 50,000 shares of common
stock, with a grant date of July 31, 2023 (the "Grant
Date"), to two newly hired employees in accordance with
Nasdaq Listing Rule 5635(c)(4).
The RSUs will vest over a three-year period, with one-third of
the shares vesting on each of the first, second and third
anniversaries of the Grant Date. The stock
options have an exercise price of $0.53, the closing price of INOVIO's common stock
on the Grant Date. The stock options will vest and become
exercisable with respect to one-fourth of the shares underlying the
stock options vested on the Grant Date, and an additional
one-fourth of the shares underlying the stock options on the
first, second, and third anniversaries of the Grant Date. The
vesting of the RSUs and stock options will be subject to the
employees' continued employment with INOVIO on the
applicable vesting dates. Each of these awards is subject to the
terms and conditions of a stock option agreement and RSU award
agreement, as applicable, under the Inducement Plan.
About INOVIO
INOVIO is a biotechnology company focused on developing and
commercializing DNA medicines to help treat and protect people from
HPV-associated diseases, cancer, and infectious diseases. INOVIO's
DNA medicines in development are delivered using its
investigational proprietary smart device, CELLECTRA®, to
produce immune responses against targeted pathogens and cancers.
For more information, visit www.inovio.com.
Contacts
Media: Jennie Willson, (267)
429-8567, jennie.willson@inovio.com
Investors: Thomas Hong, (267)
440-4298, thomas.hong@inovio.com
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SOURCE INOVIO Pharmaceuticals, Inc.