SOUTH PLAINFIELD,
N.J., Dec. 14, 2023 /PRNewswire/ -- PTC
Therapeutics, Inc. (NASDAQ: PTCT) today announced that on
Dec. 10, 2023, the company approved
non-statutory stock options to purchase an aggregate of 3,575
shares of its common stock and 3,035 restricted stock units
("RSUs"), each representing the right to receive one share of its
common stock upon vesting, to two 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 Dec. 10, 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).
All stock option awards have an exercise price of $26.39
per share, the closing price of PTC's common stock on Dec. 8,
2023, the immediately preceding trading day from 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 science-driven,
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 Instagram, Facebook, Twitter, and LinkedIn.
For more information please contact:
Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com
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SOURCE PTC Therapeutics, Inc.