SOUTH PLAINFIELD, N.J., Feb. 27, 2014 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that it granted a non-statutory stock option to purchase 150,000 shares of its common stock to Robert Spiegel, M.D., PTC's newly appointed Chief Medical Officer. The grant was made pursuant to the NASDAQ inducement grant exception as a component of Dr. Spiegel's employment compensation. The inducement grant was approved by PTC's Board of Directors on February 27, 2014 and is being made as an inducement material to Dr. Spiegel's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). PTC previously announced that Dr. Spiegel has been appointed Chief Medical Officer, effective January 23, 2014.
The stock option granted to Dr. Spiegel has an exercise price equal to the closing price of PTC's common stock on February 27, 2014. The stock option has a 10-year term and vests over four years, with 25% of the original number of shares vesting on January 23, 2015 and an additional 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter, subject to Dr. Spiegel's continued service with the Company through the applicable vesting dates. Any unvested portion of the stock option will immediately terminate and cease to be exercisable in the event Dr. Spiegel ceases serving as an employee of or consultant to PTC.
About PTC Therapeutics, Inc.
PTC is a biopharmaceutical company focused on the discovery and development of orally administered, proprietary small molecule drugs that target post-transcriptional control processes. Post-transcriptional control processes regulate the rate and timing of protein production and are essential to proper cellular function. PTC's internally discovered pipeline addresses multiple therapeutic areas, including rare disorders, oncology and infectious diseases. PTC has developed proprietary technologies that it applies in its drug discovery activities and which form the basis for collaborations with leading biopharmaceutical companies. For more information on the company, please visit our website www.ptcbio.com.
SOURCE PTC Therapeutics, Inc.