Passage Bio Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
October 14, 2022 at 16:01 PM EDT
PHILADELPHIA, Oct. 14, 2022 (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 its newly appointed chief executive officer, William Chou, M.D.
As part of Dr. Chou’s initial equity grant, Passage Bio granted options to purchase 665,500 shares of common stock to Dr. Chou as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4). The stock options have an exercise price of $1.32 per share, which is equal to the closing price of Passage Bio’s common stock on October 10, 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.
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