CAMBRIDGE, Mass., Sept. 29, 2017 (GLOBE NEWSWIRE) -- Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a commercial-stage biopharmaceutical company focused on the discovery and development of precision genetic medicines to treat rare neuromuscular diseases, granted equity awards on September 25, 2017, that were approved by the Compensation Committee of its Board of Directors, under Sarepta’s 2014 Employment Commencement Incentive Plan (the “Plan”), as a material inducement to employment to Guriqbal “Guriq” S. Basi, Ph.D. in connection with his appointment as Sarepta’s senior vice president and chief scientific officer. Dr. Basi’s equity award was approved in accordance with Nasdaq Listing Rule 5635(c)(4).
Dr. Basi received as an inducement award options to purchase 100,000 shares of the Company’s common stock (the “Options”). The Options have an exercise price of $43.90 per share, which is equal to the closing price of Sarepta's common stock on September 25, 2017. 1/4th of the shares underlying Dr. Basi’s Options will vest on the one year anniversary of his date of hire and thereafter 1/48th of the shares underlying the Options will vest monthly, such that the shares underlying the Options will be fully vested on the fourth anniversary of his date of hire, in each case, subject to his continued employment with Sarepta on such vesting dates.
In addition to the above described award to Dr. Basi, Sarepta granted equity awards on September 29, 2017, that were previously approved by the Compensation Committee of its Board of Directors under Sarepta’s 2014 Employment Commencement Incentive Plan, as a material inducement to employment to five individuals hired by Sarepta in September 2017. These equity awards were also approved in accordance with Nasdaq Listing Rule 5635(c)(4). The employees received, in the aggregate, options to purchase 22,363 shares of Sarepta's common stock. The options have an exercise price of $45.36 per share, which is equal to the closing price of Sarepta's common stock on September 29, 2017. 1/4th of the shares underlying each employee’s options will vest on the one year anniversary of his or her date of hire and thereafter 1/48th of the shares underlying each employee’s options will vest monthly, such that the shares underlying the options granted to each employee will be fully vested on the fourth anniversary of his or her date of hire, in each case, subject to each such employee’s continued employment with Sarepta on such vesting dates.
About Sarepta Therapeutics
Sarepta Therapeutics is a commercial-stage biopharmaceutical company focused on the discovery and development of precision genetic medicines to treat rare neuromuscular diseases. The Company is primarily focused on rapidly advancing the development of its potentially disease-modifying Duchenne muscular dystrophy (DMD) drug candidates. For more information, please visit www.sarepta.com.
Internet Posting of Information
We routinely post information that may be important to investors in the 'For Investors' section of our website at www.sarepta.com. We encourage investors and potential investors to consult our website regularly for important information about us.
Source: Sarepta Therapeutics, Inc.
Media and Investors:
Sarepta Therapeutics, Inc.
Ian Estepan, 617-274-4052
iestepan@sarepta.com
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Brian Reid, 212-257-6725
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