AVROBIO Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
08 September 2022 - 9:00PM
Business Wire
AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene
therapy company working to free people from a lifetime of genetic
disease, today announced that the company has granted an aggregate
of 58,000 restricted stock units (RSUs) to three 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 RSUs were granted on Sept. 1, 2022, as inducement 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 RSUs vest over four years, with 25 percent of the original
number of shares vesting on the first anniversary of employees’ new
hire dates and the remainder vesting in equal annual installments
over the following three years. Vesting of the inducement grants 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 target the root cause of genetic disease by introducing a
functional copy of the affected gene into patients’ own
hematopoietic stem cells (HSCs), with the goal to durably express
the therapeutic protein throughout the body, including the central
nervous system. Our first-in-class pipeline includes clinical
programs for cystinosis and Gaucher disease type 1, as well as
preclinical programs for Gaucher disease type 3, Hunter syndrome
and Pompe disease. Our proprietary plato® gene therapy platform is
designed to be scaled to support late-stage clinical development
and commercialization globally. We are headquartered in Cambridge,
Mass. 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
current and 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 Annual
Report or 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/20220908005131/en/
Investor Contact: Christopher F. Brinzey Westwicke, an
ICR Company 339-970-2843 chris.brinzey@westwicke.com
Media Contact: Kit Rodophele Ten Bridge Communications
617-999-9620 krodophele@tenbridgecommunications.com
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