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Aclaris Therapeutics Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
WAYNE, Pa., Oct. 02, 2018 (GLOBE NEWSWIRE) -- Aclaris Therapeutics, Inc. (NASDAQ: ACRS), a dermatologist-led biopharmaceutical company focused on identifying, developing, and commercializing innovative therapies to address significant unmet needs in aesthetic and medical dermatology and immunology, today announced that on October 1, 2018 the Compensation Committee of Aclaris’ Board of Directors granted 1 non-qualified stock option award to purchase 7,000 shares of its common stock to one new employee and 4 restricted stock unit awards covering an aggregate of 6,900 shares of its common stock to 4 new employees under the Aclaris 2017 Inducement Plan. The stock options and restricted stock units were granted as inducements material to the new employees becoming employees of Aclaris in accordance with NASDAQ Listing Rule 5635(c)(4).
The 2017 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Aclaris (or following a bona fide period of non-employment), as an inducement material to such individual's entering into employment with Aclaris, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $14.90 per share, which is equal to the closing price of Aclaris' common stock on October 1, 2018. Each option and restricted stock unit award will vest, and become exercisable (as applicable), as to twenty-five percent of the shares on each of the first, second, third, and fourth anniversaries of the recipient's start date, subject to each such employee's continued employment with Aclaris on such vesting dates. The options and restricted stock unit awards are subject to the terms and conditions of Aclaris' 2017 Inducement Plan, and the terms and conditions of a stock option agreement or restricted stock unit agreement, as applicable, covering the grant.
About Aclaris Therapeutics, Inc.
Aclaris Therapeutics, Inc. is a dermatologist-led biopharmaceutical company focused on identifying, developing, and commercializing innovative therapies to address significant unmet needs in aesthetic and medical dermatology and immunology. Aclaris’ focus on market segments with no FDA-approved medications or where treatment gaps exist has resulted in the first FDA-approved treatment for raised seborrheic keratoses and several clinical programs to develop medications for the potential treatment of common warts, alopecia areata, and vitiligo. For additional information, please visit www.aclaristx.com and follow Aclaris on LinkedIn.
Michael Tung, M.D.
Senior Vice President
Corporate Strategy/Investor Relations