PLYMOUTH MEETING, Pa., April 3, 2023 /PRNewswire/ -- INOVIO (NASDAQ: INO), a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-associated diseases, cancer, and infectious diseases, today announced that it has made an equity grant to its newly hired Senior Vice President, Regulatory Affairs under its 2022 Inducement Plan (the "Inducement Plan").
The Compensation Committee of INOVIO's Board of Directors has approved the award of restricted stock units ("RSUs") covering an aggregate of 45,000 shares of common stock and options to purchase an aggregate of 70,000 shares of common stock, with a grant date of March 31, 2023 (the "Grant Date"), to the newly hired employee in accordance with Nasdaq Listing Rule 5635(c)(4).
The RSUs will vest over a three-year period, with one-third of the shares vesting on each of the first, second and third anniversaries of the Grant Date. The stock option has an exercise price of $0.82, the closing price of INOVIO's common stock on the Grant Date. The stock option will vest and become exercisable with respect to one-fourth of the shares underlying the stock option vested on the Grant Date, and an additional one-fourth of the shares underlying the stock option on the first, second, and third anniversaries of the Grant Date. The vesting of the RSUs and stock options will be subject to the employee's continued employment with INOVIO on the applicable vesting dates. Each of these awards is subject to the terms and conditions of a stock option agreement and RSU award agreement, as applicable, under the Inducement Plan.
INOVIO is a biotechnology company focused on developing and commercializing DNA medicines to help treat and protect people from HPV-associated diseases, cancer, and infectious diseases. INOVIO's DNA medicines in development are delivered using its investigational proprietary smart device, CELLECTRA®, to produce immune responses against targeted pathogens and cancers. For more information, visit www.inovio.com.
SOURCE INOVIO Pharmaceuticals, Inc.