Stoke Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(C)(4)
17 Mayo 2024 - 3:30PM
Business Wire
Stoke Therapeutics, Inc. (Nasdaq: STOK), a biotechnology company
dedicated to addressing the underlying cause of severe diseases by
upregulating protein expression with RNA-based medicines, today
announced that, effective on May 15, 2024, the company granted
stock options of common stock to Thomas Leggett, the Company’s
newly-appointed Chief Financial Officer, and four other new
employees as a material inducement to their employment in
accordance with Nasdaq Listing Rule 5635(c)(4).
The company granted Mr. Leggett stock options to purchase
396,200 shares of common stock. The stock options that were granted
have an exercise price of $14.13 per share, which is equal to the
closing price of Stoke’s common stock on May 15, 2024. Each option
will vest over a 4-year period, with 1/4th of the shares underlying
the employee’s option vesting on the one-year anniversary of the
applicable vesting commencement date and the remaining shares
thereafter vesting monthly at a rate of 1/48th of the shares
underlying each employee’s option over the following 36 months,
subject to the employee’s continued employment with Stoke on such
vesting dates. The options have a term of 10 years and are subject
to the terms and conditions of the 2023 Inducement Plan and the
stock option agreement covering the grant.
In addition, the company granted stock options to purchase an
aggregate of 65,000 shares of common stock to four new employees.
The stock options that were granted have an exercise price of
$14.13 per share, which is equal to the closing price of Stoke’s
common stock on May 15, 2024. Each option will vest over a 4-year
period, with 1/4th of the shares underlying the employee’s option
vesting on the one-year anniversary of the applicable vesting
commencement date and the remaining shares thereafter vesting
monthly at a rate of 1/48th of the shares underlying each
employee’s option over the following 36 months, subject to the
employee’s continued employment with Stoke on such vesting dates.
The options have a term of 10 years and are subject to the terms
and conditions of the 2023 Inducement Plan and the stock option
agreement covering the grant.
About Stoke Therapeutics
Stoke Therapeutics (Nasdaq: STOK), is a biotechnology company
dedicated to addressing the underlying cause of severe diseases by
upregulating protein expression with RNA-based medicines. Using
Stoke’s proprietary TANGO (Targeted Augmentation of Nuclear Gene
Output) approach, Stoke is developing antisense oligonucleotides
(ASOs) to selectively restore protein levels. Stoke’s first
compound, STK-001, is in clinical testing for the treatment of
Dravet syndrome, a severe and progressive genetic epilepsy. Dravet
syndrome is one of many diseases caused by a haploinsufficiency, in
which a loss of ~50% of normal protein levels leads to disease.
Stoke is pursuing the development of STK-002 for the treatment of
autosomal dominant optic atrophy (ADOA), the most common inherited
optic nerve disorder. Stoke’s initial focus is haploinsufficiencies
and diseases of the central nervous system and the eye, although
proof of concept has been demonstrated in other organs, tissues,
and systems, supporting its belief in the broad potential for its
proprietary approach. Stoke is headquartered in Bedford,
Massachusetts with offices in Cambridge, Massachusetts. For more
information, visit https://www.stoketherapeutics.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20240517921058/en/
Stoke Media & Investor Contacts: Dawn Kalmar Chief
Communications Officer dkalmar@stoketherapeutics.com
781-303-8302
Eric Rojas Vice President, Investor Relations
IR@stoketherapeutics.com 617-312-2754
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