PLYMOUTH MEETING, Pa., Sept. 1, 2022 /PRNewswire/ -- INOVIO (NASDAQ:INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from infectious diseases, cancer, and diseases associated with HPV, today announced that it has made equity grants to two newly hired employees, including a Vice President of Clinical Development, under its 2022 Inducement Plan (the "Inducement Plan").
On August 31, 2022 (the "Grant Date"), the Compensation Committee of INOVIO's Board of Directors approved the award of restricted stock units ("RSUs") covering an aggregate of 5,000 shares of common stock and options to purchase an aggregate of 26,250 shares of common stock to two newly hired employees in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs will vest over a three-year period, with one-third of the shares vesting on each of the first, second and third anniversaries of the Grant Date. The stock option has an exercise price of $2.29, the closing price of INOVIO's common stock on the Grant Date. The stock option will vest and become exercisable with respect to one-fourth of the shares underlying the stock option vested on the Grant Date, and an additional one-fourth of the shares underlying the stock option on the first, second and third anniversaries of the Grant Date. The vesting of the RSUs and stock options will be subject to the employee's continued employment with INOVIO on the applicable vesting dates. Each of these awards is subject to the terms and conditions of a stock option agreement and RSU award agreement, as applicable, under the Inducement Plan.
About INOVIO
INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from infectious diseases, cancer, and diseases associated with HPV. Our DNA medicines in development are delivered using our investigational proprietary smart device to produce immune responses against targeted pathogens and cancers. For more information, visit www.inovio.com.
Contacts
Investors & Media:
Gene Kim, (267) 589-9471, gene.kim@inovio.com
Thomas Hong, (267) 440-4298, thomas.hong@inovio.com
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SOURCE INOVIO Pharmaceuticals, Inc.