Passage Bio Announces Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
April 22 2022 - 4:01PM
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 inducement awards to new employees.
Passage Bio granted options to purchase 18,100 shares of common
stock to these employees as material inducements to employment in
accordance with Nasdaq Listing Rule 5635(c)(4). The stock options
have an exercise price of $2.61 per share, which is equal to the
closing price of Passage Bio’s common stock on April 18, 2022, the
grant date of the option.
The shares subject to the stock option will vest over four
years, with 25 percent of the shares vesting on the one-year
anniversary of the applicable grant 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
At Passage Bio (Nasdaq: PASG), we are on a mission to provide
life-transforming genetic medicines for patients with CNS diseases
that replace their suffering with boundless possibility, all while
building lasting relationships with the communities we serve. 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. This provides our team with 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 into
clinical testing. 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:
Passage Bio Media:Mike BeyerSam Brown Inc.
Healthcare Communications312-961-2502MikeBeyer@sambrown.com
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