PHILADELPHIA, July 21, 2021 (GLOBE NEWSWIRE) – Passage Bio, Inc. (Nasdaq: PASG), a clinical-stage genetic drug company focused on developing transformative therapies for rare and monogenic central nervous system (CNS) disorders , announced today that it has granted an incentive to the company’s new commercial director, Mr Maria Törnsén, as part of an incentive plan adopted by its board of directors.
Passage Bio granted an option to purchase 200,000 common shares and 20,000 restricted stock units (RSU) to Ms. Törnsén as a significant incentive to her employment in accordance with the Nasdaq listing rule 5635 (c) (4). The stock options have an exercise price of $ 13.04 per share, which corresponds to the closing price of the common shares of Passage Bio on the grant date. The shares subject to stock options will vest over four years, with 25% of the shares vesting on the one year anniversary of the grant date, and the remainder vesting in 36 equal monthly installments by the continuation, subject to continued employment. Stock options have a term of 10 years and are subject to the terms and conditions of the stock option agreement. The RSUs will vest over four years, 25% of the RSUs being acquired on each of the first, second, third and fourth annual anniversaries of the first of the quarterly vesting dates of Passage Bio following the grant date, subject to the maintenance of the ’employment.
About Passage Bio
At Passage Bio (Nasdaq: PASG), our mission is to provide life-transforming gene therapies that transform the lives of patients with rare and monogenic CNS diseases that replace their suffering with limitless possibilities, while building lasting relationships with communities. that we serve. Based in Philadelphia, PA, our company has established a strategic collaboration and licensing agreement with the renowned Gene Therapy Program at the University of Pennsylvania to conduct our preclinical discovery and IND work. This provides our team with enhanced access to a broad portfolio of gene therapy candidates and future gene therapy innovations which we then combine with our in-depth clinical, regulatory, manufacturing and commercial expertise to rapidly advance our strong pipeline of gene therapies optimized for clinical trials. As we work with speed and tenacity, we are always attentive to the patients who can benefit from our therapies. More information is available at www.passagebio.com.
This press release contains “forward-looking statements” within the meaning of, and made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to: our expectations regarding the timing and the execution of planned milestones, including the initiation of clinical trials and the availability of clinical data resulting from these trials; our expectations regarding the ability of our employees and partners to execute key initiatives; our expectations regarding manufacturing plans and strategies; and the ability of our lead product candidates to treat their respective CNS monogenic target disorders. These forward-looking statements may be accompanied by words such as “aim”, “anticipate”, “believe”, “could”, “estimate”, “expect”, “foresee”, “objective”, “intend” , “May”, “could”, “plan”, “possible”, “possible”, “will fly”, “” and other words and terms with similar meanings. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including: our ability to develop and obtain regulatory approval for our product candidates; the timing and results of preclinical studies and clinical trials; risks associated with clinical trials, including our ability to adequately manage clinical activities, unexpected concerns that may arise from additional data or analysis obtained during clinical trials, regulatory authorities may require additional information or studies additional, or may not approve or delay the approval of our drug candidates; the occurrence of adverse safety events; the risk that positive results from a preclinical study or clinical trial will not be replicated in subsequent trials, or that the success of early-stage clinical trials may not be predictive of clinical trial results at a later stage later stage; failure to protect and enforce our intellectual property and other proprietary rights; our reliance on collaborators and other third parties for the development and manufacture of product candidates and other aspects of our business, which are beyond our total control; risks associated with current and potential delays, work stoppages or supply chain disruptions caused by the coronavirus pandemic; and other risks and uncertainties described in the Risk Factors section in documents the Company files from time to time with the Securities and Exchange Commission (SEC) and other reports filed with the SEC. Passage Bio assumes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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