Adverum Biotechnologies Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Adverum Biotechnologies (ADVM) announced that its Compensation Committee granted an inducement award to a new employee on November 17, 2024. The award consists of non-qualified stock options to purchase 55,000 shares of common stock under the company's 2017 Inducement Plan. The stock options have an exercise price of $6.86 per share, based on the closing price on November 15, 2024. The options will vest over four years, with 25% vesting after one year and the remaining vesting monthly over 36 months, contingent on continued employment.

REDWOOD CITY, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM) today announced that on November 17, 2024, the Compensation Committee of Adverum’s Board of Directors granted an inducement award consisting of non-qualified stock options to purchase 55,000 shares of common stock to a new employee under Adverum’s 2017 Inducement Plan. The Compensation Committee of Adverum’s Board of Directors approved the award as an inducement material to the new employee’s employment in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option has an exercise price per share equal to $6.86, Adverum’s closing trading price on November 15, 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. The award is 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.

Inquiries:

Adverum Investor Relations

Email: ir@adverum.com

FAQ

What stock options did Adverum Biotechnologies (ADVM) grant on November 17, 2024?

Adverum granted non-qualified stock options to purchase 55,000 shares of common stock at an exercise price of $6.86 per share to a new employee under its 2017 Inducement Plan.

What is the vesting schedule for ADVM's November 2024 inducement grant?

The stock options vest over four years, with 25% vesting after the first year and the remaining portion vesting monthly over 36 months, subject to continued employment.

What was the exercise price for ADVM's November 2024 inducement grant?

The exercise price was $6.86 per share, based on Adverum's closing trading price on November 15, 2024.