AVROBIO Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene therapy company with a mission to free people from a lifetime of genetic disease, today announced that the company has granted non-statutory stock options for the purchase of up to an aggregate of 140,000 shares of the company’s common stock to 10 new employees as inducement awards under the company’s 2019 Inducement Plan. The grants were made in accordance with Nasdaq Listing Rule 5635(c)(4).
The stock options were granted as inducements material to the new employees’ acceptance of employment with the company and were approved by the Compensation Committee of the company’s Board of Directors. The stock options were granted on April 1, 2021, with an exercise price of $12.31 per share, representing the closing price of AVROBIO’s common stock as reported by Nasdaq on the grant date.
The stock option awards have a 10-year term and vest over four years, with 25 percent of the original number of shares vesting on the first anniversary of the employees’ new hire date and the remainder vesting in equal monthly installments over the following three years. Vesting of the option awards is subject to continued service with AVROBIO by the employee through the applicable vesting dates.
Our vision is to bring personalized gene therapy to the world. We aim to prevent, halt or reverse disease throughout the body with a single dose of gene therapy designed to drive durable expression of therapeutic protein, even in hard-to-reach tissues and organs including brain, muscle and bone. Our ex vivo lentiviral gene therapy pipeline includes clinical programs in Fabry disease, Gaucher disease type 1 and cystinosis, as well as preclinical programs in Hunter syndrome, Gaucher disease type 3 and Pompe disease. AVROBIO is powered by our industry leading plato gene therapy platform, our foundation designed to deliver gene therapy worldwide. We are headquartered in Cambridge, Mass., with an office in Toronto, Ontario. For additional information, visit avrobio.com, and follow us on Twitter and LinkedIn.
This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words and phrases such as “aims,” “anticipates,” “believes,” “could,” “designed to,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will,” and variations of these words and phrases or similar expressions that are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding our business strategy for and the potential therapeutic benefits of our prospective product candidates, the design, commencement, enrollment and timing of ongoing or planned clinical trials, clinical trial results, product approvals and regulatory pathways, anticipated benefits of our gene therapy platform including potential impact on our commercialization activities, timing and likelihood of success, the expected benefits and results of our implementation of the plato platform in our clinical trials and gene therapy programs and the expected safety profile of our investigational gene therapies. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Results in preclinical or early-stage clinical trials may not be indicative of results from later stage or larger scale clinical trials and do not ensure regulatory approval. You should not place undue reliance on these statements, or the scientific data presented.