Sage Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Aug 3, 2018--Sage Therapeutics (NASDAQ: SAGE), a clinical-stage biopharmaceutical company developing novel medicines to treat life-altering central nervous system (CNS) disorders, today announced that, on August 1, 2018, the Compensation Committee of Sage’s Board of Directors granted non-qualified stock options to purchase an aggregate of 93,600 shares of its common stock to 16 new employees under Sage’s 2016 Inducement Equity Plan.
The 2016 Inducement Equity Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Sage (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with Sage, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $147.98 per share, which is equal to the closing price of Sage’s common stock on August 1, 2018. Each option will vest and become exercisable as to 25% of the shares on the first anniversary of the recipient’s start date, and will vest and become exercisable as to the remaining 75% of the shares in 36 equal monthly installments following the first anniversary, in each case, subject to each such employee’s continued employment with Sage on such vesting dates. The options are subject to the terms and conditions of Sage’s 2016 Inducement Equity Plan, and the terms and conditions of a stock option agreement covering the grant.
About Sage Therapeutics Sage Therapeutics is a clinical-stage biopharmaceutical company committed to developing novel medicines to transform the lives of patients with life-altering CNS disorders. Sage has a portfolio of novel product candidates targeting critical CNS receptor systems, GABA A and NMDA. Sage’s lead program, a proprietary IV formulation of brexanolone (SAGE-547), has completed Phase 3 clinical development for postpartum depression and a New Drug Application is currently under review with the U.S. Food and Drug Administration. Sage is developing its next generation modulators, including SAGE-217 and SAGE-718, in various CNS disorders. For more information, please visit www.sagerx.com.
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CONTACT: Sage Therapeutics
Paul Cox, 617-299-8377
Maureen L. Suda, 585-355-1134
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: HEALTH BIOTECHNOLOGY CLINICAL TRIALS PHARMACEUTICAL
SOURCE: Sage Therapeutics
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PUB: 08/03/2018 06:30 AM/DISC: 08/03/2018 06:30 AM