SOUTH PLAINFIELD, N.J., Feb. 6, 2015 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on February 6, 2015 it approved non-statutory stock options to purchase an aggregate of 66,750 shares of its common stock to 13 new employees. The awards were 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 February 6, 2015 and are 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).
Ten of the stock option awards have an exercise price of $50.56 per share, the closing price of PTC's common stock on February 6, 2015, the date of the grant. The remaining stock option awards will have an exercise price equal to the closing price of the PTC stock on the applicable employee's new hire date, which will be the date of the grant. 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, development, and commercialization 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 in collaborations with leading biopharmaceutical companies. For more information on the company, please visit our website www.ptcbio.com.
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SOURCE PTC Therapeutics, Inc.