Stoke Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
July 16 2024 - 4:30PM
Business Wire
Stoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company
dedicated to restoring protein expression by harnessing the body’s
potential with RNA medicine, today announced that, effective on
July 15, 2024, the company granted stock options to purchase an
aggregate of 122,900 shares of common stock to three new employees,
as a material inducement to their employment in accordance with
Nasdaq Listing Rule 5635(c)(4).
The stock options that were granted have an exercise price of
$14.58 per share, which is equal to the closing price of Stoke’s
common stock on July 15, 2024. Each option will vest over a 4-year
period, with 1/4th of the shares underlying the employee’s option
vesting on the one-year anniversary of the applicable vesting
commencement date and the remaining shares thereafter vesting
monthly at a rate of 1/48th of the shares underlying each
employee’s option over the following 36 months, subject to the
employee’s continued employment with Stoke on such vesting dates.
The options have a term of 10 years and are subject to the terms
and conditions of the 2023 Inducement Plan and the stock option
agreement covering the grant.
About Stoke Therapeutics Stoke Therapeutics (Nasdaq:
STOK), is a biotechnology company dedicated to restoring protein
expression by harnessing the body’s potential with RNA medicine.
Using Stoke’s proprietary TANGO (Targeted Augmentation of Nuclear
Gene Output) approach, Stoke is developing antisense
oligonucleotides (ASOs) to selectively restore protein levels.
Stoke’s first compound, zorevunersen (STK-001), is in clinical
testing for the treatment of Dravet syndrome, a severe and
progressive genetic epilepsy. Dravet syndrome is one of many
diseases caused by a haploinsufficiency, in which a loss of ~50% of
normal protein levels leads to disease. Stoke is pursuing the
development of STK-002 for the treatment of autosomal dominant
optic atrophy (ADOA), the most common inherited optic nerve
disorder. Stoke’s initial focus is haploinsufficiencies and
diseases of the central nervous system and the eye, although proof
of concept has been demonstrated in other organs, tissues, and
systems, supporting its belief in the broad potential for its
proprietary approach. Stoke is headquartered in Bedford,
Massachusetts with offices in Cambridge, Massachusetts. For more
information, visit https://www.stoketherapeutics.com/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240716093267/en/
Stoke Media & Investor Contacts: Dawn Kalmar Chief
Communications Officer dkalmar@stoketherapeutics.com
781-303-8302
Doug Snow Director, Communications & Investor Relations
IR@stoketherapeutics.com 508-642-6485
Stoke Therapeutics (NASDAQ:STOK)
Historical Stock Chart
From Jul 2024 to Aug 2024
Stoke Therapeutics (NASDAQ:STOK)
Historical Stock Chart
From Aug 2023 to Aug 2024