SOUTH
PLAINFIELD, N.J., June 15,
2023 /PRNewswire/ -- PTC Therapeutics,
Inc. (NASDAQ: PTCT) today announced that on June 12, 2023, the company approved non-statutory
stock options to purchase an aggregate of 11,260 shares of its
common stock and 17,660 restricted stock units ("RSUs"), each
representing the right to receive one share of its common stock
upon vesting, to 23 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 June 12, 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 $43.35
per share, the closing price of PTC's common stock on June 12,
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 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.
For more information please contact:
Jeanine Clemente
+1 (908) 912-9406
jclemente@ptcbio.com
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SOURCE PTC Therapeutics, Inc.