CAMBRIDGE, Mass.--(BUSINESS WIRE)--AVROBIO, Inc. (NASDAQ: AVRO) (“AVROBIO” or the “Company”), a Phase 2 clinical-stage gene therapy company, today announced that the Company granted non-statutory stock options to new employees as inducement awards outside of the Company’s 2018 Stock Option and Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4).
The Company granted the stock options to two new employees hired by AVROBIO from July 29, 2019 to August 12, 2019 as an inducement material to each employee’s acceptance of employment with the Company. The stock options, for the purchase of up to an aggregate of 163,000 shares of the Company’s common stock, were approved by the Compensation Committee of the Company’s Board of Directors. The stock options were granted on each of July 29, 2019 and August 12, 2019, with an exercise price of $22.57 per share and $18.32 per share, respectively, representing the closing price of AVROBIO’s common stock as reported by NASDAQ on each such grant date. Each option award has a ten-year term and vests over four years, with 25% of the original number of shares vesting on the first anniversary of the applicable employee’s new hire date and the remainder vesting in equal monthly installments over the following three years. Vesting of each option award is subject to continued service with AVROBIO by the employee through the applicable vesting dates.
About AVROBIO, Inc.
AVROBIO, Inc. is a leading, Phase 2 gene therapy company focused on the development of its investigational gene therapy, AVR-RD-01, in Fabry disease, as well as additional gene therapy programs in other lysosomal storage disorders including Gaucher disease, cystinosis and Pompe disease. The Company’s plato™ platform includes a proprietary vector system, automated cell manufacturing solution and refined conditioning regimen deploying therapeutic drug monitoring. AVROBIO is headquartered in Cambridge, MA and has offices in Toronto, ON. For additional information, visit www.avrobio.com.