CLEVELAND--(BUSINESS WIRE)--Athersys, Inc. (“Athersys” or the “Company”) (NASDAQ: ATHX) announced today that, as previously disclosed in its Form 8-K filed with the Securities and Exchange Commission on January 16, 2020, the Company made an inducement grant to Ivor Macleod, the newly-appointed Chief Financial Officer of Athersys. The Company’s Board of Directors approved, pursuant to Rule 5635(c)(4) of the Nasdaq Stock Market Listing Rules, the grant of an inducement equity award in the form of a nonqualified stock option to purchase 600,000 shares of the Company’s common stock. The option was granted outside of Athersys’ 2019 Equity and Incentive Compensation Plan as an inducement material to Mr. Macleod’s acceptance of employment with the Company.
The stock option has an exercise price equal to the closing price of Athersys’ common stock on the grant date of January 31, 2020, Mr. Macleod’s first day of employment. The option has up to a ten-year term and vests over four years, with 25% of the award generally vesting on January 31, 2021, and the remainder generally vesting in equal quarterly installments over the remaining three years, subject to Mr. Macleod’s continued service with Athersys through the applicable vesting dates (except under certain conditions regarding his death or disability or a change in control of Athersys).
Athersys is a biotechnology company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life. The Company is developing its MultiStem® cell therapy product, a patented, adult-derived "off-the-shelf" stem cell product, initially for disease indications in the neurological, inflammatory and immune, cardiovascular and other critical care indications and has several ongoing clinical trials evaluating this potential regenerative medicine product. Athersys has forged strategic partnerships and a broad network of collaborations to further advance the MultiStem cell therapy toward commercialization. More information is available at www.athersys.com. Follow Athersys on Twitter at www.twitter.com/athersys.