CAMBRIDGE, Mass.--(BUSINESS WIRE)--AVROBIO (NASDAQ: AVRO) (the “Company”), a leading clinical stage gene therapy company with a mission to free people from a lifetime of genetic disease, today announced that the Company has granted a non-statutory stock option to a new employee as an inducement award outside of the Company’s 2018 Stock Option and Incentive Plan, in accordance with NASDAQ Listing Rule 5635(c)(4).
The stock option, for the purchase of up to 93,000 shares of the Company’s common stock, was granted as an inducement material to the new employee’s acceptance of employment with the Company and was approved by the Compensation Committee of the Company’s Board of Directors. The stock option was granted on December 11, 2019 with an exercise price of $19.97 per share, representing the closing price of AVROBIO’s common stock as reported by NASDAQ on the grant date. The 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 employee’s new hire date and the remainder vesting in equal monthly installments over the following three years. Vesting of the option award is subject to continued service with AVROBIO by the employee through the applicable vesting dates.
AVROBIO’s mission is to free people from a lifetime of genetic disease with a single dose of gene therapy. We aim to halt or reverse disease progression throughout the body by driving durable expression of functional protein even in hard-to-reach tissues and organs including the brain, muscle and bone. Our clinical-stage programs include Fabry disease, Gaucher disease and cystinosis and we are also advancing a program in Pompe disease. AVROBIO is powered by plato™, our streamlined platform designed to enhance patient outcomes and deliver anticipated large-scale commercial manufacturing. We are headquartered in Cambridge, Mass., with field offices in Toronto, Ontario. For additional information, visit avrobio.com and follow us on Twitter and LinkedIn.