SOUTH PLAINFIELD,
N.J., July 18, 2023 /PRNewswire/ -- PTC
Therapeutics, Inc. (NASDAQ: PTCT) today announced that on
July 13, 2023, the company approved
non-statutory stock options to purchase an aggregate of 66,380
shares of its common stock and 30,685 restricted stock units
("RSUs"), each representing the right to receive one share of its
common stock upon vesting, to 11 new employees. The awards were
made pursuant to the NASDAQ inducement grant exception as a
component of the new hires' employment compensation.
The inducement grants were approved by PTC's Compensation
Committee on July 13, 2023, 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).
As part of the inducement grants described above and in
connection with the hiring of Pierre
Gravier as Chief Financial Officer, the company granted Mr.
Gravier 26,000 RSUs, in addition to non-statutory stock options to
purchase 65,000 shares of its common stock.
All stock option awards have an exercise price of $39.82
per share, the closing price of PTC's common stock on July 13,
2023, 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 6.25% of the original number of shares
vesting at the end of each subsequent three-month period thereafter
until fully vested, subject to the employee's continued service
with the company through the applicable vesting dates. The RSUs
each will vest over four years with 25% of the original number of
shares vesting on each annual anniversary of the applicable
employee's new hire date until fully vested, subject to the
employee's continued service with the company through the
applicable vesting dates.
About PTC Therapeutics, Inc.
PTC is a global
biopharmaceutical company focused on the discovery, development and
commercialization of clinically differentiated medicines that
provide benefits to patients with rare disorders. PTC's ability to
innovate to identify new therapies and to globally commercialize
products is the foundation that drives investment in a robust and
diversified pipeline of transformative medicines. PTC's mission is
to provide access to best-in-class treatments for patients who have
little to no treatment options. PTC's strategy is to leverage its
strong scientific and clinical expertise and global commercial
infrastructure to bring therapies to patients. PTC believes this
allows it to maximize value for all its stakeholders. To learn more
about PTC, please visit us at www.ptcbio.com and follow us on
Facebook, Instagram, LinkedIn and Twitter at @PTCBio.
For more information, please contact:
Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com
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SOURCE PTC Therapeutics, Inc.