Audentes Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
SAN FRANCISCO, July 19, 2019 /PRNewswire/ -- Audentes Therapeutics, Inc. (Nasdaq: BOLD), a leading AAV-based genetic medicines company focused on developing and commercializing innovative products for serious rare neuromuscular diseases, announced it has granted equity awards that were previously approved by the Compensation Committee of its Board of Directors under the Audentes Therapeutics, Inc. 2018 Equity Inducement Plan, as a material inducement to employment to ten individuals hired by Audentes from June 1 through July 15, 2019. The equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
The employees received, in the aggregate, options to purchase 107,900 shares of Audentes common stock, including options to purchase 90,000 shares granted to Edward Conner, M.D. in connection with Dr. Conner's appointment as the company's Senior Vice President and Chief Medical Officer. Dr. Conner's options have an exercise price of $36.08 per share, which is equal to the closing price of Audentes common stock on July 15, 2019. The other options have an exercise price of $36.46 per share, which is equal to the closing price of Audentes common stock on July 17, 2019. One-fourth of the shares underlying each employee's option will vest on the one year anniversary of his or her date of hire and thereafter 1/48th of the shares underlying each employee's option will vest monthly, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of his or her date of hire, in each case, subject to each such employee's continued employment with Audentes on such vesting dates.
The employees also received, in the aggregate, 41,300 restricted stock units ("RSUs"), including 30,000 RSUs granted to Dr. Conner in connection with his appointment as the company's Senior Vice President and Chief Medical Officer. One-fourth of each of the RSUs will vest on the first anniversary of the date that vesting of the applicable RSU commences, and 1/16th of each of the RSUs will vest quarterly thereafter, such that each of the RSUs will be fully vested on the fourth anniversary of the date that vesting of the RSUs commences, subject to each such employee's continued employment with Audentes on such vesting dates.
About Audentes Therapeutics, Inc.
Audentes Therapeutics (Nasdaq: BOLD) is a leading AAV-based genetic medicines company focused on developing and commercializing innovative products for serious rare neuromuscular diseases. We are leveraging our AAV gene therapy technology platform and proprietary manufacturing expertise to develop programs across three modalities: gene replacement, vectorized exon skipping, and vectorized RNA knockdown. Our product candidates are showing promising therapeutic profiles in clinical and preclinical studies across a range of neuromuscular diseases. Audentes is a focused, experienced and passionate team driven by the goal of improving the lives of patients.
For more information regarding Audentes, please visit www.audentestx.com.
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SOURCE Audentes Therapeutics, Inc.
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