Adverum Biotechnologies Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
REDWOOD CITY, Calif., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (NASDAQ:ADVM) today announced that on September 3, 2024, the Compensation Committee of Adverum's Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 12,660 shares of common stock and restricted stock units (RSUs) for 6,330 shares of common stock to 3 new employees under Adverum's 2017 Inducement Plan. The Compensation Committee of Adverum's Board of Directors approved the awards as an inducement material to the new employees' employment in accordance with Nasdaq Listing Rule 5635(c)(4).
Each stock option has an exercise price per share equal to $6.76 per share, Adverum's closing trading price on September 3, 2024, and will vest over four years, with 25% of the underlying shares vesting on the first anniversary of the applicable vesting commencement date and, 1/48th of the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employee's continued service relationship with Adverum through the applicable vesting dates. Each of the RSUs will vest over three years, with 33 1/3% of the underlying shares vesting on each anniversary of September 3, subject to the new employee's continued service relationship with Adverum through the applicable vesting dates. The awards are subject to the terms and conditions of Adverum's 2017 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.
About Adverum Biotechnologies
Adverum Biotechnologies (NASDAQ:ADVM) is a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases with the aspiration of developing functional cures to restore vision and prevent blindness. Leveraging the capabilities of its proprietary intravitreal (IVT) platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians' offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. Additionally, by overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe. For more information, please visit www.adverum.com.
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Adverum Investor Relations
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