Tetraphase Pharmaceuticals Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
September 28 2018 - 4:01PM
Tetraphase Pharmaceuticals, Inc. (NASDAQ:TTPH), a biopharmaceutical
company focused on developing and commercializing novel antibiotics
to treat life-threatening multidrug-resistant (MDR) infections,
today announced that Tetraphase's Compensation Committee of the
Board of Directors approved, pursuant to NASDAQ Listing Rule
5635(c)(4), the grant of inducement equity awards in the form of
stock options to over thirty new sales employees to purchase an
aggregate of 128,250 shares of Tetraphase's common stock. The
options were granted as inducement equity awards outside
Tetraphase's 2013 Stock Incentive Plan and were made as an
inducement material to these new employees’ acceptance of
employment with Tetraphase.
The stock options have exercise prices equal to the closing
price of Tetraphase's common stock on October 15, 2018. The options
have a ten-year term and vest over four years, with 25% of the
original number of shares vesting on October 15, 2019, and an
additional 6.25% of the original number of shares vesting at the
end of each successive quarter thereafter, subject to each
respective new employee’s continued service with Tetraphase through
the applicable vesting dates.
About Tetraphase Pharmaceuticals, Inc.
Tetraphase is a biopharmaceutical company using its proprietary
chemistry technology to create novel antibiotics for serious and
life-threatening bacterial infections, including those caused by
many of the multidrug-resistant bacteria highlighted as urgent
public health threats by the World Health Organization and the
Centers for Disease Control and Prevention. The Company has created
more than 3,000 novel tetracycline compounds using its proprietary
technology platform. Tetraphase's lead product XERAVA™ is
approved for the treatment of complicated intra-abdominal
infections (cIAI) by the U.S. Food and Drug Administration and the
European Medicines Agency. The Company’s pipeline also includes
TP-271 and TP-6076, which are in phase 1 clinical trials. Please
visit www.tphase.com for more company information.
Forward-Looking Statements Any statements in
this press release about our future expectations, plans and
prospects, including statements regarding our strategy, future
operations, prospects, plans and objectives, and other statements
containing the words "anticipates," "believes," "expects," "plans,"
"will" and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including whether XERAVA (eravacycline) will be
successfully distributed and marketed and other regulatory and
commercial risk factors discussed in the "Risk Factors" section of
our quarterly report on Form 10-Q for the period ended June 30,
2018, filed with the Securities and Exchange Commission on August
2, 2018. In addition, the forward-looking statements included in
this press release represent our views as of September 28, 2018. We
anticipate that subsequent events and developments will cause our
views to change. However, while we may elect to update these
forward-looking statements at some point in the future, we
specifically disclaim any obligation to do so.
Media and Investor Contact:Tetraphase
PharmaceuticalsJennifer Viera617-600-7040jviera@tphase.com
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