Business
AVROBIO Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- AVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene therapy company with a mission to free people from a lifetime
About this update from Tectonic Therapeutic, Inc.
[{"type":"text","content":" CAMBRIDGE, Mass.--(BUSINESS WIRE)--\nAVROBIO, Inc. (Nasdaq: AVRO), a leading clinical-stage gene therapy company with a mission to free people from a lifetime of genetic disease, today announced that the company has granted a non-statutory stock option for the purchase of up to 120,000 shares of the company’s common stock to the company’s new Chief Medical Officer, Essra Ridha, M.D., as an inducement award under the company’s 2019 Inducement Plan. The grant was made in accordance with Nasdaq Listing Rule 5635(c)(4).\n\nThe stock option was granted as inducement material to the new employee’s acceptance of employment with the company and was approved by the Compensation Committee of the company’s Board of Directors. The stock option was granted on Nov. 1, 2021, with an exercise price of $5.67 per share, representing the closing price of AVROBIO’s common stock as reported by Nasdaq on the grant date.\n\nThe stock option award has a 10-year term and vests over four years, with 25 percent of the original number of shares vesting on the first anniversary of the employee’s new hire date and the remainder vesting in equal monthly installments over the following three years. Vesting of the option award is subject to continued service with AVROBIO by the employee through the applicable vesting dates.\n\nAbout AVROBIO\nOur vision is to bring personalized gene therapy to the world. We aim to prevent, halt or reverse disease throughout the body with a single dose of gene therapy designed to drive durable expression of therapeutic protein, even in hard-to-reach tissues and organs including brain, muscle and bone. Our ex vivo lentiviral gene therapy pipeline includes clinical programs in Fabry disease, Gaucher disease type 1 and cystinosis, as well as preclinical programs in Hunter syndrome, Gaucher disease type 3 and Pompe disease. AVROBIO is powered by our industry leading plato® gene therapy platform, our foundation designed to deliver gene therapy worldwide. We are headquartered in Cambridge, Mass., with an office in Toronto, Ontario. For additional information, visit avrobio.com, and follow us on Twitter and LinkedIn.\n\nForward-Looking Statements\nThis press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These stateme...