CORRECTING and REPLACING Sarepta Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Please replace the release dated February 2, 2016 with the following corrected version due to multiple revisions.
The corrected release reads:
SAREPTA THERAPEUTICS ANNOUNCES INDUCEMENT GRANTS UNDER NASDAQ LISTING RULE 5635(C)(4)
Sarepta Therapeutics, Inc. (NASDAQ: SRPT), a developer of innovative RNA-targeted therapeutics, issued a Press Release on Feb. 2, 2016 announcing that it granted equity awards on January 29, 2016, that were previously approved by the Compensation Committee of its Board of Directors under Sarepta's 2014 Employment Commencement Incentive Plan, as a material inducement to employment to six individuals hired by Sarepta in December 2015. The equity awards were approved in accordance with NASDAQ Listing Rule 5635(c)(4).
Due to a clerical error, the Feb. 2, 2016 press release incorrectly stated the number of individuals hired and the month of hire. The press release should have stated that the inducement grants were for three new hires in the month of January 2016.
The employees received, in the aggregate, options to purchase 5,450 shares of Sarepta's common stock. The options have an exercise price of $11.88 per share, which is equal to the closing price of Sarepta's common stock on January 29, 2016. One-fourth of the shares underlying each employee's option will vest on the one year anniversary of his or her date of hire and thereafter 1/48th of the shares underlying each employee's option will vest monthly, such that the shares underlying the option granted to each employee will be fully vested on the fourth anniversary of his or her date of hire, in each case, subject to each such employee's continued employment with Sarepta on such vesting dates.
About Sarepta Therapeutics
Sarepta Therapeutics is a biopharmaceutical company focused on the discovery and development of unique RNA-targeted therapeutics for the treatment of rare, infectious and other diseases. The Company is primarily focused on rapidly advancing the development of its potentially disease-modifying Duchenne muscular dystrophy (DMD) drug candidates, including its lead DMD product candidate, eteplirsen, designed to skip exon 51. Sarepta is also developing therapeutics for the treatment infectious diseases, such as drug-resistant bacteria and other rare human diseases. For more information, please visit us at www.sarepta.com.
Internet Posting of Information
We routinely post information that may be important to investors in the 'For Investors' section of our website at www.sarepta.com. We encourage investors and potential investors to consult our website regularly for important information about us.