Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
06 April 2017 - 6:01AM
Business Wire
Sage Therapeutics (NASDAQ: SAGE), a clinical-stage
biopharmaceutical company developing novel medicines to treat
life-altering central nervous system (CNS) disorders, announced
that, on April 3, 2017, the Compensation Committee of Sage’s Board
of Directors granted non-qualified stock options to purchase an
aggregate of 295,000 shares of its common stock to 15 new employees
under Sage’s 2016 Inducement Equity Plan.
The 2016 Inducement Equity Plan is used exclusively for the
grant of equity awards to individuals who were not previously an
employee or non-employee director of Sage (or following a bona fide
period of non-employment), as an inducement material to such
individual's entering into employment with Sage, pursuant to Rule
5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $70.35 per share, which is
equal to the closing price of Sage’s common stock on April 3, 2017.
Each option will vest and become exercisable as to twenty-five
percent of the shares on the one year anniversary of the
recipient’s start date, and will vest and become exercisable as to
the remaining 75% of the shares in 36 equal monthly installments at
the end of each month following the anniversary, in each case,
subject to each such employee’s continued employment with Sage on
such vesting dates. The options are subject to the terms and
conditions of Sage’s 2016 Inducement Equity Plan, and the terms and
conditions of a stock option agreement covering the grant.
About Sage Therapeutics
Sage Therapeutics is a clinical-stage biopharmaceutical
company committed to developing novel medicines to transform the
lives of patients with life-altering central nervous system (CNS)
disorders. Sage has a portfolio of novel product candidates
targeting critical CNS receptor systems, GABA and NMDA. Sage's lead
program, brexanolone (SAGE-547), is in Phase 3 clinical development
for super-refractory status epilepticus, a rare and severe seizure
disorder, and for postpartum depression. Sage is developing its
next generation modulators, including SAGE-217 and SAGE-718, with a
focus on acute and chronic CNS disorders. For more information,
please visit www.sagerx.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170405005950/en/
Investor Contact:Sage TherapeuticsPaul Cox,
617-299-8377paul.cox@sagerx.comorMedia Contact:Suda
Communications LLCMaureen L. Suda,
585-387-9248maureen.suda@sagerx.com
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