CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sarepta Therapeutics, Inc. (NASDAQ:SRPT), a developer of innovative RNA-targeted therapeutics, today announced equity awards granted on April 30, 2015, 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 three individuals hired by Sarepta in April 2015. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4).
The employees received, in the aggregate, options to purchase 20,375 shares of Sarepta's common stock. The options have an exercise price of $12.20 per share, which is equal to the closing price of Sarepta's common stock on April 30, 2015. One-fourth of the shares underlying each employee’s option 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 option will vest monthly, such that the shares underlying the option 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 biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare, infectious and other diseases. The Company is primarily focused on rapidly advancing the development of its potentially disease-modifying DMD drug candidates, including its lead DMD product candidate, eteplirsen, designed to skip exon 51. Sarepta is also developing therapeutics for the treatment of drug-resistant bacteria and infectious, rare and other human diseases. For more information, please visit us at www.sarepta.com.
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