Spero Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 31 2019 - 4:00PM
Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset
clinical-stage biopharmaceutical company focused on identifying,
developing and commercializing treatments in high unmet need areas
involving multi-drug resistant (MDR) bacterial infections and rare
diseases, today announced that on May 31, 2019 the Compensation
Committee of Spero’s Board of Directors granted non-qualified stock
option awards to purchase an aggregate of 15,000 shares of its
common stock to two new employees under the Spero Therapeutics,
Inc. 2019 Inducement Equity Incentive Plan, or the 2019 Inducement
Plan. The stock options were granted as inducements material to the
new employees becoming employees of Spero in accordance with Nasdaq
Listing Rule 5635(c)(4).
The 2019 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously an employee of
Spero (or following a bona fide period of non-employment), as an
inducement material to such individual’s entering into employment
with Spero, pursuant to Rule 5635(c)(4) of the Nasdaq Listing
Rules.
The options have an exercise price of $11.26 per share, which is
equal to the closing price of Spero’s common stock on May 31, 2019.
Each option will vest over a four-year period, with 25% of the
shares vesting after 12 months and the remaining shares vesting
monthly over the following 36-months, subject to each employee’s
continued employment with Spero on such vesting dates. The options
are subject to the terms and conditions of Spero’s 2019 Inducement
Plan and the terms and conditions of a stock option agreement
covering the grant.
About Spero Therapeutics, Inc.
Spero Therapeutics, Inc. is a multi-asset, clinical-stage
biopharmaceutical company focused on identifying, developing and
commercializing novel treatments for multidrug-resistant (MDR)
bacterial infections and rare diseases.
Spero’s lead product candidate, SPR994, is designed to be the
first oral carbapenem-class antibiotic for use in adults to treat
MDR Gram-negative infections.
Spero is also advancing SPR720, its novel oral therapy product
candidate designed for the treatment of rare, orphan disease caused
by pulmonary non-tuberculous mycobacterial (NTM) infections.
Spero also has a platform technology known as its Potentiator
Platform that it believes will enable it to develop drugs that will
expand the spectrum and potency of existing antibiotics, including
formerly inactive antibiotics, against Gram-negative bacteria.
Spero’s lead product candidates generated from its Potentiator
Platform are two IV-administered agents, SPR206 and SPR741,
designed to treat MDR Gram-negative infections in the hospital
setting.
For more information, visit https://sperotherapeutics.com.
Spero Investor and Media Contact:
Sharon Klahre Director, Investor Relations 857-242-1547
IR@sperotherapeutics.com
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