CAMBRIDGE, Mass.--(BUSINESS WIRE)--AVROBIO, Inc. (NASDAQ: AVRO), 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 non-statutory stock options for the purchase of up to an aggregate of 91,250 shares of the company’s common stock to three new employees as inducement awards under the company’s 2019 Inducement Plan, in accordance with NASDAQ Listing Rule 5635(c)(4).
The stock options were granted as inducements material to each new employee’s acceptance of employment with the company and were approved by the Compensation Committee of the company’s Board of Directors. The stock options were granted on Feb. 3, 2020, with an exercise price of $20.19 per share, representing the closing price of AVROBIO’s common stock as reported by NASDAQ on the grant date.
Each stock option award has a 10-year term and vests over four years, with 25 percent 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 each option award is subject to continued service with AVROBIO by the employee through the applicable vesting dates.
Our 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 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 also are advancing a program in Pompe disease. AVROBIO is powered by the plato™ gene therapy platform, our foundation designed to scale gene therapy worldwide. We are headquartered in Cambridge, Mass., with an office in Toronto, Ontario. For additional information, visit avrobio.com, and follow us on Twitter and LinkedIn.