Vital Therapies Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
06 January 2018 - 12:01AM
Vital Therapies, Inc. (Nasdaq:VTL), a biotherapeutic company
developing ELAD®, a cell-based therapy targeting the treatment of
acute forms of liver failure, today reported a grant under its 2017
Inducement Equity Incentive Plan to Russell Cox, who joined Vital
Therapies as its Chief Executive Officer, effective January 3,
2018.
The grant made January 3, 2018 is an award of a
nonstatutory stock option to purchase 1,588,832 of Vital Therapies’
common stock. The grant was made outside of Vital Therapies’
current equity plan, but will be subject to terms and conditions
generally consistent with those in its 2014 Equity Incentive
Plan. The option has a 10-year term and an exercise price
that is the same as the closing price of Vital Therapies’ common
stock on the grant date. The option grant will vest over four
years with 25% of the total shares vesting one year from his start
date and 1/48th of the total shares vesting monthly for the next
three years subject to his continued service.
The grant was approved by Vital Therapies’
Compensation Committee of the Board of Directors on January 2,
2018. In accordance with NASDAQ Listing Rule 5635(c)(4), the
grant was made as an inducement material to entering into an
employment relationship with Vital Therapies.
About Vital Therapies, Inc.
Vital Therapies, Inc. is a biotherapeutic
company developing a cell-based therapy targeting the treatment of
acute forms of liver failure. The Company’s ELAD System is an
extracorporeal human allogeneic cellular liver therapy currently in
phase 3 clinical trials. Vital Therapies, Inc. is based in San
Diego, California. Vital Therapies® and ELAD® are trademarks
of Vital Therapies, Inc.
Contact: Vital Therapies, Inc. Al KildaniVice President,
Investor Relations and Business Development
858-673-6840akildani@vitaltherapies.com
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