Iveric Bio Reports Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
NEW YORK--(BUSINESS WIRE)--May 4, 2020-- IVERIC bio, Inc. (Nasdaq: ISEE) today reported that on May 1, 2020, the Company granted a newly hired, non-executive employee a non-statutory stock option to purchase 33,000 shares of the Company’s common stock. This grant was made pursuant to the Company’s 2019 Inducement Stock Incentive Plan, was approved by the Company’s compensation committee pursuant to a delegation by the Company’s board of directors, and was made as a material inducement to this employee’s acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation.
The stock option has an exercise price of $3.62 per share, equal to the closing price of IVERIC bio’s common stock on May 1, 2020. The stock option has a ten year term and vests over four years, with 25% of the shares underlying the option vesting on May 1, 2021 and an additional 2.0833% of the shares underlying the option vesting at the end of each successive month thereafter, subject to the employee’s continued service with the Company through the applicable vesting date. The inducement grant is subject to the terms and conditions of an award agreement covering the grant and the Company’s 2019 Inducement Stock Incentive Plan.
About IVERIC bio
IVERIC bio is a science-driven biopharmaceutical company focused on the discovery and development of novel treatment options for retinal diseases with significant unmet medical needs. The Company is currently developing both therapeutic product candidates for age-related retinal diseases and gene therapy product candidates for orphan inherited retinal diseases. Vision is Our Mission. For more information on the Company, please visit www.ivericbio.com.
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Kathy Galante, 212-845-8231
Vice President, Investor Relations and Corporate Communications
Alex Van Rees, 973-442-1555 ext. 111
Source: IVERIC bio, Inc.