Precision BioSciences, Inc. (Nasdaq: DTIL), an advanced gene editing company utilizing its novel proprietary ARCUS® platform to develop in vivo gene editing therapies for sophisticated gene edits, including gene insertion, excision, and elimination, today announced that, on May 13, 2024, the Compensation Committee of Precision’s Board of Directors approved the grant of inducement awards to new employees under the Precision BioSciences, Inc. 2021 Employment Inducement Incentive Award Plan (“Inducement Award Plan”). The inducement awards consist of an option to purchase (“stock option”) 18,511 shares of Precision’s common stock, par value $0.000005 (the “Common Stock”), which was granted to an employee in connection with their commencement of employment, as well as an aggregate total of 17,124 restricted stock units (“RSUs”), granted among three employees in connection with their commencement of employment. Each award was granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for the employees to commence service with Precision.
The stock option has a per share exercise price equal to the fair market value of Precision’s Common Stock on May 13, 2024, which was equal to $11.50. The stock option has a 10-year term and vests (subject to continued service to Precision through the applicable vesting dates) as to 25% of the award on the first anniversary of the date of the commencement of their employment and, as to the remaining 75%, in substantially equal quarterly installments over the three years thereafter. Each employee’s RSUs vest (subject to continued service to Precision through the applicable vesting dates) in substantially equal annual installments on each of the first three anniversaries of the date of the commencement of such individual’s employment.
About Precision BioSciences, Inc.
Precision BioSciences, Inc. is an advanced gene editing company dedicated to improving life (DTIL) with its novel and proprietary ARCUS® genome editing platform that differs from other technologies in the way it cuts, its smaller size, and its simpler structure. Key capabilities and differentiating characteristics may enable ARCUS nucleases to drive more intended, defined therapeutic outcomes. Using ARCUS, the Company’s pipeline is comprised of in vivo gene editing candidates designed to deliver lasting cures for the broadest range of genetic and infectious diseases where no adequate treatments exist. For more information about Precision BioSciences, please visit www.precisionbiosciences.com.
The ARCUS® platform is being used to develop in vivo gene editing therapies for sophisticated gene edits, including gene insertion (inserting DNA into gene to cause expression/add function), elimination (removing a genome e.g. viral DNA or mutant mitochondrial DNA), and excision (removing a large portion of a defective gene by delivering two ARCUS nucleases in a single AAV).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240517597841/en/
Contacts
Investor and Media Contact:
Naresh Tanna
Vice President, Investor Relations
Naresh.Tanna@precisionbiosciences.com
