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 eight newly hired employees under an inducement plan adopted by its board of directors.
GlobeNewswire Inc | Sep 17, 2021 04:01PM EDT
September 17, 2021
PHILADELPHIA, Sept. 17, 2021 (GLOBE NEWSWIRE) -- 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 eight newly hired employees under an inducement plan adopted by its board of directors.
Passage Bio granted these employees options to purchase an aggregate of 72,000 shares as a material inducement to their employment (the Inducement Options). The Inducement Options have an exercise price of $11.50 per share, which is equal to the closing price of Passage Bios common stock on September 15, 2021, the grant date of the Inducement Options.
The Inducement Options were granted in accordance with Nasdaq listing Rule 5635(c)(4). 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 employees 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 Pennsylvanias 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 Bio267firstname.lastname@example.org
Passage Bio Media:
Gwen FisherPassage Bio215email@example.com
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