Regado Biosciences Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
BASKING RIDGE, N.J., May 9, 2014 /PRNewswire/ -- Regado Biosciences, Inc. (Nasdaq: RGDO), a biopharmaceutical company focused on the late-stage clinical development of its first-in-class, actively controllable antithrombotic drug system, REG1, today announced that the Compensation Committee of Regado's Board of Directors granted an inducement award pursuant to NASDAQ Listing Rule 5635(c)(4) to R. Don Elsey in connection with his employment as Regado's Senior Vice President, Finance, and Chief Financial Officer.
On May 1, 2014, Regado previously announced the hiring of Mr. Elsey, with his employment beginning on May 5, 2014. In connection with Regado's offer of employment to Mr. Elsey and pursuant to his employment agreement dated April 25, 2014, Mr. Elsey's inducement award consists of an option grant with a per share exercise price equal to the closing price of Regado's common stock on the date of grant, exercisable for 250,000 shares of Regado's common stock, 62,500 of which shall be fully vested as of the date of grant and the remainder of which will vest monthly over three years. The Compensation Committee of Regado's Board of Directors granted the award on May 5, 2014, as an inducement material to Mr. Elsey's employment in accordance with NASDAQ Listing Rule 5635(c)(4).
ABOUT REGADO BIOSCIENCES
Regado Biosciences, Inc., is a biopharmaceutical company focused on the discovery and development of novel, oligonucleotide-based actively controllable therapeutics. Our initial focus is on applications in the acute and sub-acute cardiovascular therapeutic area. The company's lead product candidate, REG1, is a two-component system consisting of pegnivacogin, an anticoagulant aptamer specifically targeting coagulation Factor IXa, and its complementary oligonucleotide active control agent, anivamersen. REG1 is currently being evaluated in the REGULATE-PCI trial, a worldwide Phase 3 trial enrolling 13,200 patients with acute coronary syndromes (ACS) undergoing percutaneous coronary intervention (PCI), a hospital-based procedure used to mechanically open or widen obstructed coronary arteries. Regado's actively controllable product candidates have the potential to improve patient outcomes and enhance the patient experience, provide direct therapeutic control to physicians and reduce overall treatment costs. More information can be found at www.regadobio.com.
For more information on REGULATE-PCI, please visit: http://www.clinicaltrials.gov/ct2/show/NCT01848106
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to management transition matters, including the future success of members of management in fulfilling their roles and the impact of such success on the Company, the progress of the REGULATE-PCI trial, enrollment in the REGULATE-PCI trial and the prospects for the completion of the REGULATE-PCI trial and any regulatory approval of REG1 and the successful commercialization of REG1 if approved. Forward-looking statements cannot be guaranteed and are subject to risks and uncertainties, such as failure to effectively transition new management roles or failure of members of management to effectively implement the Company's strategy. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company has no obligation, and expressly disclaims any obligation, to update, revise or correct any of the forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Regado Biosciences, Inc.