Solid Biosciences Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
CHARLESTOWN, Mass., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Solid Biosciences Inc. (NASDAQ:SLDB) (the "Company"), a life sciences company developing precision genetic medicines for neuromuscular and cardiac diseases, today announced grants of 86,665 restricted stock units ("RSUs") to four newly hired employees.
The RSUs vest in four equal installments on each one-year anniversary of the grant date until the fourth anniversary of the grant date. Vesting of the equity awards is subject to the applicable employee's continued service with the Company through each applicable vesting date.
One newly hired employee also received an option to purchase up to 100,000 shares of the Company's common stock. The option has a ten-year term and an exercise price of $8.64 per share, the closing price per share of the Company's common stock as reported by Nasdaq on August 1, 2024. The option award vests over four years, with 25% of the total number of shares underlying the option vesting on the one-year anniversary of the grant date, and 1/48th of the total number of shares vesting monthly thereafter over a 36-month period.
These grants were made pursuant to the Company's 2024 Inducement Stock Incentive Plan and were made as an inducement material to each employee's acceptance of employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
About Solid Biosciences
Solid Biosciences is a life sciences company focused on advancing a portfolio of gene therapy candidates including SGT-003 for the treatment of Duchenne muscular dystrophy (Duchenne), SGT-501 for the treatment of catecholaminergic polymorphic ventricular tachycardia (CPVT), AVB-401 for the treatment of BAG3-mediated dilated cardiomyopathy, and additional assets for the treatment of fatal cardiac diseases. Solid is advancing its diverse pipeline across rare neuromuscular and cardiac diseases, bringing together experts in science, technology, disease management, and care. Patient-focused and founded by those directly impacted, Solid's mandate is to improve the daily lives of patients living with these devastating diseases. For more information, please visit www.solidbio.com.
Solid Biosciences Investor Contact:
Nicole Anderson
Director, Investor Relations and Corporate Communications
Solid Biosciences Inc.
[email protected]
Media Contact:
Glenn Silver
FINN Partners
[email protected]
