Adverum Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Adverum Biotechnologies, Inc. (Nasdaq: ADVM) announced a stock option grant to a new employee on March 15, 2021. The grant includes an option to purchase 80,000 shares of common stock at the market closing price on the grant date. This stock option is part of an inducement grant under Nasdaq Rule 5635(c)(4), aimed at attracting talent essential for the company's growth. Adverum is focused on gene therapy for ocular and rare diseases, notably advancing its candidate ADVM-022 for wet age-related macular degeneration and diabetic macular edema.
Positive
- Stock option grant of 80,000 shares to attract new talent, enhancing workforce.
- Company focuses on unmet medical needs in ocular and rare diseases, indicating potential for growth.
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, ADVM gained 6.22%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
REDWOOD CITY, Calif., March 18, 2021 (GLOBE NEWSWIRE) -- Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage gene therapy company targeting unmet medical needs in ocular and rare diseases, today announced a grant of stock options to a new employee. On March 15, 2021, the company granted the new employee a stock option to purchase 80,000 shares of Adverum’s common stock pursuant to the inducement grant exception under Nasdaq Rule 5635(c)(4), as an inducement that is material to the employee entering into employment with Adverum. The option has a per share exercise price equal to the closing sales price of Adverum’s common stock on the Nasdaq Stock Market on the grant date, and will vest over four years, subject to the employee’s continued service with Adverum.
About Adverum Biotechnologies
Adverum Biotechnologies (Nasdaq: ADVM) is a clinical-stage gene therapy company targeting unmet medical needs in serious ocular and rare diseases. Adverum is advancing the clinical development of its novel gene therapy candidate, ADVM-022, as a one-time, intravitreal injection for the treatment of patients with wet age-related macular degeneration and diabetic macular edema. For more information, please visit www.adverum.com.
