CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dicerna™ Pharmaceuticals, Inc. (Nasdaq:DRNA) (the “Company” or “Dicerna”), a leading developer of investigational RNA interference (RNAi) therapeutics, today announced that the Compensation Committee of the Company's Board of Directors approved the grant of inducement stock options to purchase a total of 529,500 shares of common stock to be distributed among 10 new employees, with a grant date of July 1, 2019 (the “Inducement Grant"). Rob Ciappenelli, chief commercial officer of Dicerna, received inducement options to purchase 300,000 of the 529,500 total shares of common stock.
The stock options approved under the Inducement Grant were issued pursuant to Dicerna’s 2016 Inducement Plan and have an exercise price per share equal to $15.61, the fair market value on the grant date. The stock options vest over four years, with 25% vesting on the one-year anniversary of the employees’ first days of employment with the Company and 1/36 of the remaining shares vesting monthly thereafter, subject to the new employees’ continued service relationship with the Company on each such date. The stock options have a 10-year term and are subject to the terms and conditions of the applicable stock option agreement.
The Company granted the stock options as inducement materials 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 using RNA interference, or RNAi, to create medicines that silence genes that cause disease. The Company’s proprietary GalXC™ technology is intended to amplify its ability to create potent, selective and safe RNAi therapies to treat diseases involving the liver, including rare diseases, chronic liver diseases, cardiovascular diseases and viral infectious diseases. Dicerna aims to restore health by addressing the underlying causes of illness with capabilities that extend beyond the liver to address a broad range of diseases, focusing on target genes where connections between gene and disease are well understood and documented. Dicerna intends to discover, develop and commercialize novel therapeutics either on its own or in collaboration with pharmaceutical partners. Dicerna has strategic collaborations with Eli Lilly and Company, Alexion Pharmaceuticals, Inc. and Boehringer Ingelheim International GmbH. 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. Examples of forward-looking statements include, among others, statements we make regarding: (i) the therapeutic and commercial potential of GalXC™; (ii) research and development plans related to GalXC; and (iii) the potential of our technology and drug candidates in our research and development pipeline. The process by which an early stage platform such as GalXC could potentially lead to an approved product is long and subject to highly significant risks, particularly with respect to a preclinical research collaboration. 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.
Dicerna™, GalXC™ and PHYOX™ are trademarks of Dicerna Pharmaceuticals, Inc.