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SOURCE PTC Therapeutics, Inc.
SOUTH PLAINFIELD, N.J., June 10, 2014 /PRNewswire/ -- PTC Therapeutics, Inc. (NASDAQ: PTCT) today announced that on June 9, 2014 it approved non-statutory stock options to purchase an aggregate of 23,950 shares of its common stock to eight new employees. The awards were made pursuant to the NASDAQ inducement grant exception as a component of our new hires' employment compensation.
The inducement grants were approved by PTC's Compensation Committee on June 9, 2014 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).
Six of the stock option awards have an exercise price of $24.90 per share, the closing price of PTC's common stock on June 9, 2014. One of the remaining two stock option awards will be granted on June 16, 2014 and the other will be granted on June 23, 2014 and each such award will have an exercise price equal to the closing price of PTC's common stock on the date of 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 an additional 6.25% of the original number of shares vesting at the end of each subsequent three-month period thereafter, subject to the employee's continued service with the Company through the applicable vesting dates.
About PTC Therapeutics, Inc.
PTC is a biopharmaceutical company focused on the discovery and development of orally administered, proprietary small molecule drugs that target post-transcriptional control processes. Post-transcriptional control processes regulate the rate and timing of protein production and are essential to proper cellular function. PTC's internally discovered pipeline addresses multiple therapeutic areas, including rare disorders, oncology and infectious diseases. PTC has developed proprietary technologies that it applies in its drug discovery activities and in collaborations with leading biopharmaceutical companies. For more information on the company, please visit our website www.ptcbio.com.
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