LEXINGTON, Mass.--(BUSINESS WIRE)--Dicerna™ Pharmaceuticals, Inc. (Nasdaq: DRNA) (the “Company” or “Dicerna”), a leading developer of investigational ribonucleic acid interference (RNAi) therapeutics, today announced that the Compensation Committee of the Company's Board of Directors approved inducement grants of stock options to purchase a total of 159,700 shares of common stock and 45,500 restricted stock units (“RSUs”) to be distributed among 15 new employees, with a grant date of February 3, 2020 (the “Inducement Grants").
The stock options approved under the Inducement Grants were issued pursuant to Dicerna’s 2016 Inducement Plan and have an exercise price per share equal to $19.60, 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 RSUs will vest over four years, with 25% of the total number of RSUs vesting on each of the first, second, third and fourth anniversaries of the grant date, February 3, 2020, subject to continued employment or service through each applicable vesting date. The RSUs are subject to the terms and conditions of the applicable restricted stock unit agreement.
The Company granted the stock options and RSUs 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 ribonucleic acid interference (RNAi) to develop medicines that silence genes that cause disease. The Company’s proprietary GalXC™ technology is being applied to develop 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 treat disease 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 Novo Nordisk A/S, Roche, 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 pertaining to continued service of employees and future vesting of inducement grants. 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. 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™ and GalXC™ are trademarks of Dicerna Pharmaceuticals, Inc.