AVROBIO Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
07 December 2021 - 11:00PM
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 14,500 shares of the company’s common stock to two new employees
as inducement awards under the company’s 2019 Inducement Plan. The
grants were made in accordance with Nasdaq Listing Rule
5635(c)(4).
The stock options were granted as inducements material to the
new employees’ 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 Dec. 1, 2021, with an
exercise price of $3.71 per share, representing the closing price
of AVROBIO’s common stock as reported by Nasdaq on the grant
date.
The stock option awards have a 10-year term and vest over four
years, with 25 percent of the original number of shares vesting on
the first anniversary of the employees’ new hire date and the
remainder vesting in equal monthly installments over the following
three years. Vesting of the option awards is subject to continued
service with AVROBIO by the employee through the applicable vesting
dates.
About AVROBIO Our vision is to bring personalized gene
therapy to the world. We aim to prevent, halt or reverse disease
throughout the body with a single dose of gene therapy designed to
drive durable expression of therapeutic protein, even in
hard-to-reach tissues and organs including brain, muscle and bone.
Our ex vivo lentiviral gene therapy pipeline includes clinical
programs in Fabry disease, Gaucher disease type 1 and cystinosis,
as well as preclinical programs in Hunter syndrome, Gaucher disease
type 3 and Pompe disease. AVROBIO is powered by our industry
leading plato® gene therapy platform, our foundation designed to
deliver 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.
Forward-Looking Statements This press release contains
forward-looking statements, including statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements may be identified by words and
phrases such as “aims,” “anticipates,” “believes,” “could,”
“designed to,” “estimates,” “expects,” “forecasts,” “goal,”
“intends,” “may,” “plans,” “possible,” “potential,” “seeks,”
“will,” and variations of these words and phrases or similar
expressions that are intended to identify forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding our business strategy for and the
potential therapeutic benefits of our prospective product
candidates, the design, commencement, enrollment and timing of
ongoing or planned clinical trials, clinical trial results, product
approvals and regulatory pathways, anticipated benefits of our gene
therapy platform including potential impact on our
commercialization activities, timing and likelihood of success, the
expected benefits and results of our implementation of the plato®
platform in our clinical trials and gene therapy programs and the
expected safety profile of our investigational gene therapies. Any
such statements in this press release that are not statements of
historical fact may be deemed to be forward-looking statements.
Results in preclinical or early-stage clinical trials may not be
indicative of results from later stage or larger scale clinical
trials and do not ensure regulatory approval. You should not place
undue reliance on these statements, or the scientific data
presented.
Any forward-looking statements in this press release are based
on AVROBIO’s current expectations, estimates and projections about
our industry as well as management’s current beliefs and
expectations of future events only as of today and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially and adversely from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the risk that any
one or more of AVROBIO’s product candidates will not be
successfully developed or commercialized, the risk of cessation or
delay of any ongoing or planned clinical trials of AVROBIO or our
collaborators, the risk that AVROBIO may not successfully recruit
or enroll a sufficient number of patients for our clinical trials,
the risk that AVROBIO may not realize the intended benefits of our
gene therapy platform, including the features of our plato®
platform, the risk that our product candidates or procedures in
connection with the administration thereof will not have the safety
or efficacy profile that we anticipate, the risk that prior
results, such as signals of safety, activity or durability of
effect, observed from preclinical or clinical trials, will not be
replicated or will not continue in ongoing or future studies or
trials involving AVROBIO’s product candidates, the risk that we
will be unable to obtain and maintain regulatory approval for our
product candidates, the risk that the size and growth potential of
the market for our product candidates will not materialize as
expected, risks associated with our dependence on third-party
suppliers and manufacturers, risks regarding the accuracy of our
estimates of expenses and future revenue, risks relating to our
capital requirements and needs for additional financing, risks
relating to clinical trial and business interruptions resulting
from the COVID-19 outbreak or similar public health crises,
including that such interruptions may materially delay our
development timeline and/or increase our development costs or that
data collection efforts may be impaired or otherwise impacted by
such crises, and risks relating to our ability to obtain and
maintain intellectual property protection for our product
candidates. For a discussion of these and other risks and
uncertainties, and other important factors, any of which could
cause AVROBIO’s actual results to differ materially and adversely
from those contained in the forward-looking statements, see the
section entitled “Risk Factors” in AVROBIO’s most recent Quarterly
Report, as well as discussions of potential risks, uncertainties
and other important factors in AVROBIO’s subsequent filings with
the Securities and Exchange Commission. AVROBIO explicitly
disclaims any obligation to update any forward-looking statements
except to the extent required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20211207005303/en/
Investor Contact: Christopher F. Brinzey Westwicke, an
ICR Company 339-970-2843 chris.brinzey@westwicke.com
Media Contact: Kit Rodophele Ten Bridge Communications
krodophele@tenbridgecommunications.com
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