LA JOLLA, Calif., Oct. 6, 2016 /PRNewswire/ -- Regulus Therapeutics Inc. (NASDAQ: RGLS), a biopharmaceutical company leading the discovery and development of innovative medicines targeting microRNAs, today announced the grant of an inducement stock option to Timothy M. Wright, M.D. on October 3, 2016 in connection with his appointment as Regulus' Chief R&D Officer. The grant was made as an inducement material to Dr. Wright's acceptance of employment with Regulus in accordance with NASDAQ Listing Rule 5635(c)(4).
In connection with his hiring, which Regulus announced on October 5, 2016, Dr. Wright received an option to purchase 181,806 shares of Regulus' common stock, with an exercise price of $3.30 per share, which is equal to the fair market value on the grant date. The option has a 10-year term and vests over a period of four years, with 25% vesting on October 3, 2017, which is one year following the date of grant and the remaining 75% vesting ratably over the succeeding thirty-six months, subject to Dr. Wright's continuous service through each vesting date, and subject to the terms and conditions of Regulus' Inducement Plan and stock option grant notice and agreement thereunder. In addition, Dr. Wright also received a Performance-based grant of 400,000 shares of Regulus' common stock, also with an exercise price of $3.30 per share, which is equal to the fair market value of Regulus' common stock on the date of grant. The option, which also has a 10-year term, fully vests in 100,000 share increments upon the achievement of four separate specified milestones. In the event a milestone is not achieved by a specified date, the options subject to the milestones will be cancelled. The option is also subject to Dr. Wright's continuous service with Regulus through each of the vesting dates and is subject to the terms and conditions of Regulus' Inducement Plan and stock option grant notice and agreement thereunder.
Regulus Therapeutics Inc. (NASDAQ: RGLS) is a biopharmaceutical company leading the discovery and development of innovative medicines targeting microRNAs. Regulus has leveraged its oligonucleotide drug discovery and development expertise to develop a well-balanced microRNA therapeutics pipeline complemented by a maturing microMarkersSM biomarkers platform and a rich intellectual property estate to retain its leadership in the microRNA field. Regulus is developing RG-101, a GalNAc-conjugated anti-miR targeting microRNA-122 for the treatment of chronic hepatitis C virus infection, and RG-012, an anti-miR targeting microRNA-21 for the treatment of Alport syndrome, a life-threatening kidney disease driven by genetic mutations with no approved therapy. In addition, RG-125, a GalNAc-conjugated anti-miR targeting microRNA-103/107 for the treatment of NASH in patients with type 2 diabetes/pre-diabetes, has entered Phase I clinical development through its strategic alliance with AstraZeneca. Regulus is also advancing several programs toward clinical development in renal, hepatic and central nervous systems diseases, both independently and with our strategic alliance partners, Sanofi and AstraZeneca. Regulus' commitment to innovation has resulted in multiple peer-reviewed publications in notable scientific journals and has resulted in the formation of strategic alliances with AstraZeneca and Sanofi. Regulus maintains its corporate headquarters in La Jolla, CA. For more information, please visit http://www.regulusrx.com.
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements associated with the expected ability of Regulus to undertake certain activities and accomplish certain, the projected timeline of clinical development activities, and expectations regarding future therapeutic and commercial potential of Regulus' business plans, technologies and intellectual property related to microRNA therapeutics and biomarkers being discovered and developed by Regulus. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "intends," "will," "goal," "potential" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Regulus' current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. These and other risks concerning Regulus' financial position and programs are described in additional detail in Regulus filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Regulus undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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SOURCE Regulus Therapeutics Inc.