Precision BioSciences Announces Grant of Inducement Award Pursuant to Nasdaq Listing Rule 5635(c)(4)
26 October 2022 - 10:00PM
Business Wire
Precision BioSciences, Inc. (Nasdaq: DTIL), a clinical stage
gene editing company developing ARCUS®-based ex vivo allogeneic CAR
T and in vivo gene editing therapies, today announced an inducement
grant for Michael Amoroso, President and Chief Executive Officer of
Precision BioSciences (the “Company”) under the Company’s 2021
Employment Inducement Incentive Award Plan. The inducement grant
was approved by the Company’s Compensation Committee.
In connection with Mr. Amoroso’s initial employment with the
Company, the Company and Mr. Amoroso entered into an employment
agreement dated September 18, 2021. Pursuant to the employment
agreement, the Company agreed to grant Mr. Amoroso an option to
purchase (the “stock option”) 250,000 shares of the Company’s
common stock, par value $0.00005, within 30 days following the
one-year anniversary of Mr. Amoroso’s initial date of employment
with the Company. The stock option was granted on October 24, 2022
and has a per share exercise price equal to the fair market value
of the Company’s common stock on the grant date, which was equal to
$1.38, and a 10-year term, and vests (subject to Mr. Amoroso’s
continued service to the Company through the applicable vesting
dates) as to 25% of the award on October 15, 2023 and, as to the
remaining 75%, in substantially equal quarterly installments over
the three years thereafter.
The stock option was granted under Rule 5635(c)(4) of the Nasdaq
Listing Rules as an inducement material to Mr. Amoroso’s entering
into employment with the Company.
About Precision BioSciences, Inc.
Precision BioSciences, Inc. is a clinical stage biotechnology
company dedicated to improving life (DTIL) with its novel and
proprietary ARCUS® genome editing platform. ARCUS is a highly
precise and versatile genome editing platform that was designed
with therapeutic safety, delivery, and control in mind. Using
ARCUS, the Company’s pipeline consists of multiple ex vivo
“off-the-shelf” CAR T immunotherapy clinical candidates and several
in vivo gene editing candidates designed to cure genetic and
infectious diseases where no adequate treatments exist. For more
information about Precision BioSciences, please visit
www.precisionbiosciences.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221026005362/en/
Investor Contact: Mei Burris Director, Investor Relations
and Finance Mei.Burris@precisionbiosciences.com
Media Contact: Maurissa Messier Senior Director,
Corporate Communications
Maurissa.Messier@precisionbiosciences.com
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