CINCINNATI--(BUSINESS WIRE)--Aerpio Pharmaceuticals, Inc. (OTCQB: ARPO) (“Aerpio”), a biopharmaceutical company focused on advancing first-in-class treatments for ocular diseases, announced today the grant of inducement equity awards to its newly appointed Chief Executive Officer, Stephen Hoffman, M.D., Ph.D., and its newly appointed Chief Financial Officer, Michael Rogers. The awards were approved by Aerpio’s Board of Directors on December 14, 2017 and were granted as an inducement material to Dr. Hoffman’s and Mr. Rogers’ entry into employment with Aerpio.
The inducement grant to Dr. Hoffman consisted of an option to purchase up to 513,288 shares of the Company’s common stock, par value $0.0001 per share (“Common Stock”), at an exercise price of $5.50. The date of grant for the options was December 14, 2017. The exercise price of the option grant is equal to the closing price per share of Aerpio’s Common Stock on the OTCQB on the date of grant.
The inducement grant to Mr. Rogers consisted of an option to purchase up to 220,282 shares of the Company’s Common Stock, at an exercise price of $5.50. The date of grant for the options was December 14, 2017. The exercise price of the option grant is equal to the closing price per share of Aerpio’s Common Stock on the OTCQB on the date of grant.
For the inducement grant to each of Dr. Hoffman and Mr. Rogers, one quarter (25%) of the shares subject to the option grant shall vest on the first anniversary of the commencement of their respective employment with Aerpio, with the remaining shares vesting in 36 equal, consecutive, monthly installments thereafter.
About Aerpio Pharmaceuticals, Inc.
Aerpio Pharmaceuticals, Inc. is a biopharmaceutical company focused on advancing first-in-class treatments for ocular diseases. Aerpio’s lead compound, AKB‐9778, is a small molecule activator of the Tie2 pathway and is in clinical development for the treatment of non-proliferative diabetic retinopathy. For more information please visit www.aerpio.com.
