Spero Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
01 May 2019 - 10:00PM
Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset
clinical-stage biopharmaceutical company focused on identifying,
developing and commercializing treatments in high unmet need areas
involving multi-drug resistant (MDR) bacterial infections and rare
diseases, today announced that on April 30, 2019 the Compensation
Committee of Spero’s Board of Directors granted non-qualified stock
option awards to purchase an aggregate of 11,000 shares of its
common stock to two new employees under the Spero Therapeutics,
Inc. 2019 Inducement Equity Incentive Plan, or the 2019 Inducement
Plan. The stock options were granted as inducements material
to the new employees becoming employees of Spero in accordance with
Nasdaq Listing Rule 5635(c)(4).
The 2019 Inducement Plan is used exclusively for
the grant of equity awards to individuals who were not previously
an employee of Spero (or following a bona fide period of
non-employment), as an inducement material to such individual’s
entering into employment with Spero, pursuant to Rule 5635(c)(4) of
the Nasdaq Listing Rules.
The options have an exercise price of $11.18 per
share, which is equal to the closing price of Spero’s common stock
on April 30, 2019. Each option will vest over a four-year
period, with 25% of the shares vesting after 12 months and the
remaining shares vesting monthly over the following 36-months,
subject to each employee’s continued employment with Spero on such
vesting dates. The options are subject to the terms and
conditions of Spero’s 2019 Inducement Plan and the terms and
conditions of a stock option agreement covering the grant.
About Spero Therapeutics, Inc.
Spero Therapeutics, Inc. is a multi-asset,
clinical-stage biopharmaceutical company focused on identifying,
developing and commercializing novel treatments for
multidrug-resistant (MDR) bacterial infections and rare
diseases.
Spero’s lead product candidate, SPR994, is
designed to be the first oral carbapenem-class antibiotic for use
in adults to treat MDR Gram-negative infections.
Spero is also advancing SPR720, its novel oral
therapy product candidate designed for the treatment of rare,
orphan disease caused by pulmonary non-tuberculous mycobacterial
(NTM) infections.
Spero also has a platform technology known as
its Potentiator Platform that it believes will enable it to develop
drugs that will expand the spectrum and potency of existing
antibiotics, including formerly inactive antibiotics, against
Gram-negative bacteria. Spero’s lead product candidates generated
from its Potentiator Platform are two IV-administered agents,
SPR206 and SPR741, designed to treat MDR Gram-negative infections
in the hospital setting.
For more information,
visit https://sperotherapeutics.com.
Spero Investor and Media Contact:
Sharon KlahreDirector, Investor
Relations857-242-1547IR@sperotherapeutics.com
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