SAN DIEGO--(BUSINESS WIRE)--Ignyta, Inc. (Nasdaq: RXDX), a precision oncology biotechnology company, announced today that it has issued inducement awards to three new non-executive employees.
All of the awards were made on February 15, 2016 under Ignyta’s 2015 Employment Inducement Equity Incentive Award Plan (the “Inducement Plan”), which was adopted July 17, 2015 and provides for the granting of equity awards to new employees of Ignyta. The inducement awards consist of options to purchase an aggregate of 95,000 shares of Ignyta common stock and have a ten-year term. The exercise price of the options was $7.21, which was the per-share closing price of Ignyta’s common stock on the Nasdaq Capital Market on February 12, 2016, the last trading day prior to the date of grant. The options vest over a four-year period, with 25% of the options vesting on the first anniversary of the date of hire and the remainder vesting in equal monthly installments over the three years thereafter. The awards were approved by the independent compensation committee of Ignyta’s board of directors and were granted as an inducement material to the new employees entering into employment with Ignyta in accordance with Nasdaq Marketplace Rule 5635(c)(4). In addition, on January 18, 2016 the company previously announced that it had granted options to purchase an aggregate of 113,000 shares of Ignyta common stock under the Inducement Plan to nine non-executive employees; this number of options was actually granted to eight non-executive employees.
About Ignyta, Inc.
At Ignyta, we fight cancer – a formidable opponent that manifests as thousands of different molecularly defined diseases and takes away millions of lives globally, every year. In this fight, our big hairy audacious goal (BHAG) is not just to shrink tumors but to eradicate residual disease – the source of cancer relapse and recurrence – in precisely defined patient populations by 2030. We will work tirelessly to achieve this BHAG by pursuing an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. Our Rx efforts are focused on discovering, in-licensing or acquiring, then developing and commercializing, molecularly targeted therapies; cancer stem cell targeted therapies; novel chemotherapies/cell cycle inhibitors; and cancer immunotherapies – four therapeutic cornerstones that, sequentially or in combination, are foundational for eradicating residual disease. Our Dx efforts aim to pair these product candidates with biomarker-based companion diagnostics that are designed to precisely identify, at the molecular level, the patients who are most likely to benefit from the therapies we develop. We believe that only through this integrated Rx/Dx approach can we succeed in this fight. For more information, please visit: www.ignyta.com.