PTC Therapeutics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
SOUTH PLAINFIELD, N.J., April 21, 2014 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on April 17, 2014 it granted non-statutory stock options to purchase an aggregate of 9,800 shares of its common stock to four new employees. The grant was made pursuant to the NASDAQ inducement grant exception as a component of our new hires' employment compensation.
The inducement grants were approved by PTC's Compensation Committee on April 17, 2014 and is being made as an inducement material to each employee's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).
Each stock option has an exercise price of $18.78 per share, the closing price of PTC's common stock on April 17, 2014. The stock options each have a 10-year term and vest over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee's new hire date and an additional 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter, subject to the employee's continued service with the Company through the applicable vesting dates.
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.