SAN DIEGO, Dec. 1, 2016 /PRNewswire/ -- Pfenex Inc. (NYSE
MKT: PFNX) ("Pfenex" or the "Company"), a clinical-stage
biotechnology company engaged in the development of biosimilar
therapeutics and high-value and difficult to manufacture proteins,
today reported, as required by the NYSE MKT Company Guide, an
equity inducement award to Mayda Mercado
Crespo, the Company's new Vice President, Quality, who
officially commenced employment with the Company on November 14, 2016. The stock option was granted
to Ms. Crespo pursuant to the Pfenex Inc. 2016 Inducement Equity
Incentive Plan, which was approved by the Company's board of
directors under Rule 711(a) and the other relevant rules of the
NYSE MKT Company Guide for equity grants to induce new employees to
enter into employment with the Company.
As an inducement material to Ms. Crespo entering into employment
with the Company, and in accordance with Rule 711(a) of the NYSE
MKT Company Guide, effective December 1,
2016, the compensation committee of the Company's board of
directors granted Ms. Crespo an option to purchase 54,000 shares of
the Company's common stock (the "Inducement Award"). The Inducement
Award has a 10-year maximum term and an exercise price per share
equal to the closing price of a share of the Company's common stock
on December 1, 2016. The Inducement
Award will vest over four years, with 25% of the option vesting on
November 14, 2017, and the balance
vesting monthly thereafter in equal monthly installments, subject
to Ms. Crespo's continued service through each applicable vesting
date and accelerated vesting under certain circumstances.
Pfenex investors and others should note that we announce
material information to the public about the Company through a
variety of means, including our website (http://www.pfenex.com/),
our investor relations website (http://pfenex.investorroom.com/),
press releases, SEC filings, public conference calls, corporate
Twitter account (https://twitter.com/pfenex), Facebook page
(https://www.facebook.com/Pfenex-Inc-105908276167776/timeline/),
and LinkedIn page (https://www.linkedin.com/company/pfenex-inc) in
order to achieve broad, non-exclusionary distribution of
information to the public and to comply with our disclosure
obligations under Regulation FD. We encourage our investors and
others to monitor and review the information we make public in
these locations as such information could be deemed to be material
information. Please note that this list may be updated from time to
time.
About Pfenex Inc.
Pfenex Inc. is a clinical-stage biotechnology company engaged in
the development of biosimilar therapeutics and high-value and
difficult to manufacture proteins. The company's lead product
candidate is PF582, a biosimilar candidate to Lucentis
(ranibizumab), for the potential treatment of patients with retinal
diseases. Pfenex has leveraged its Pfēnex Expression
Technology® platform to build a pipeline of
product candidates and preclinical products under development
including other biosimilars, as well as vaccines, therapeutic
equivalents to reference listed drug products, and next generation
biologics.
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SOURCE Pfenex Inc.