Passage Bio Announces Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
May 20 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 79,600 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 $1.69 per share, which is equal to the
closing price of Passage Bio’s common stock on May 16, 2022, 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 grant date, and the remainder vesting
in 36 equal monthly installments thereafter, subject to each
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 three clinical programs in GM1
gangliosidosis, Krabbe disease and frontotemporal dementia with
several additional programs in preclinical development. 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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