Regulus Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
SAN DIEGO, Jan. 13, 2023 /PRNewswire/ -- Regulus Therapeutics Inc. (Nasdaq: RGLS), a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs (the "Company" or "Regulus"), today announced the grant of an inducement stock option to Claire Padgett, Ph.D. and to Rekha Garg, M.D., M.S., on January 11, 2023 in connection with their respective appointments as Regulus' Senior Vice President, Clinical Operations and Senior Vice President, Clinical Development and Regulatory. The grants in accordance with NASDAQ Listing Rule 5635(c)(4) are an inducement material to Dr. Padgett's and Dr. Garg's acceptance of employment with Regulus.
In connection with their hiring, each of Dr. Padgett and Dr. Garg received an option to purchase 120,000 shares of Regulus' common stock, with an exercise price of $1.48 per share, which is equal to the fair market value on the grant date. The option has a 10-year term and vests over a period of four years, with 25% vesting on December 1, 2023, which is one year following the date of commencement of vesting and the remaining 75% vesting ratably over the succeeding thirty-six months, subject to their continuous service through each vesting date, and subject to the terms and conditions of Regulus' Inducement Plan and stock option grant notice and agreement thereunder.
Regulus Therapeutics Inc. (Nasdaq: RGLS) is a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs. Regulus has leveraged its oligonucleotide drug discovery and development expertise to develop a pipeline complemented by a rich intellectual property estate in the microRNA field. Regulus maintains its corporate headquarters in San Diego, CA.
SOURCE Regulus Therapeutics Inc.