CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dicerna Pharmaceuticals, Inc. (NASDAQ: DRNA), a leading developer of investigational ribonucleic acid interference (RNAi) therapeutics, today announced that based on recommendations from the Compensation Committee of the Company’s Board of Directors, on June 7, 2017, the Company's Board of Directors approved the grants of inducement stock options to purchase a total of 325,000 shares of the common stock to two new employees, with a grant date of June 15, 2017 (the “Inducement Grants”). The Inducement Grants include a stock option grant to Ralf Rosskamp, M.D., to purchase 250,000 shares of common stock. Dr. Rosskamp joined the Company as chief medical officer on June 14, 2017.
The Inducement Grants were granted pursuant to Dicerna’s 2016 Inducement Plan and will have an exercise price per share equal to the fair market value of our common stock on the grant date. The stock options vest over four years, with 25% vesting on the one-year anniversary of the employee's first day of employment with the Company and 1/36 of the remaining shares vesting monthly thereafter, subject to the new employee's continued service relationship with the Company on each such date. Each stock option has a 10-year term and is subject to the terms and conditions of the applicable stock option agreement.
The stock options were granted as an inducement material to the new employees entering into employment with Dicerna Pharmaceuticals, Inc. in accordance with NASDAQ Listing Rule 5635(c)(4).
About Dicerna Pharmaceuticals, Inc.
Dicerna Pharmaceuticals, Inc. is a biopharmaceutical company focused on the discovery and development of innovative ribonucleic acid interference (RNAi)-based therapeutics for diseases involving the liver, including rare diseases, chronic liver diseases, cardiovascular diseases, and viral infectious diseases. The Company is leveraging its proprietary GalXC™ RNAi technology platform to build a broad pipeline in these core therapeutic areas, focusing on target genes where connections between target gene and diseases are well understood and documented. The Company intends to discover, develop and commercialize novel therapeutics either on its own or in collaboration with pharmaceutical partners. For more information, please visit www.dicerna.com.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Applicable risks and uncertainties include those relating to our preclinical research and other risks identified under the heading "Risk Factors" included in our most recent Form 10-Q filing and in other future filings with the SEC. The forward-looking statements contained in this press release reflect Dicerna's current views with respect to future events, and Dicerna does not undertake and specifically disclaims any obligation to update any forward-looking statements.