NEW YORK, Dec. 2, 2020 /PRNewswire/ -- Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, announced today that it has granted a stock option to purchase 50,000 shares of common stock to one new employee. The stock option was granted pursuant to the Seelos Therapeutics, Inc. 2019 Inducement Plan and granted as an inducement material to the new employee entering into employment with Seelos in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock option has an exercise price equal to $0.97, the closing price per share of Seelos' common stock, as reported by Nasdaq, on December 1, 2020, the date of grant. The option is a non-qualified stock option and 1/4th of the shares vest on the one-year anniversary of the new employee's commencement of employment and an additional 1/48th of the shares vest monthly thereafter over the next three years, in each case provided that the new employee remains continuously employed by Seelos through the applicable vesting date, inclusive.
Seelos is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
About Seelos Therapeutics
Seelos Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development and advancement of novel therapeutics to address unmet medical needs for the benefit of patients with central nervous system (CNS) disorders and other rare disorders. The Company's robust portfolio includes several late-stage clinical assets targeting psychiatric and movement disorders, including orphan diseases.
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements about the employees and equity plans. Risks and uncertainties include risks associated with the Company's employees and equity plans, and additional risks set forth in the Company's filings with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update these forward-looking statements.