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Dova Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
DURHAM, N.C., Dec. 20, 2018 (GLOBE NEWSWIRE) -- Dova Pharmaceuticals, Inc. (Nasdaq: DOVA), a pharmaceutical company focused on acquiring, developing, and commercializing drug candidates for diseases where there is a high unmet need, today announced that on December 19, 2018, the Compensation Committee of Dova’s Board of Directors granted a non-qualified stock option award to purchase 1,000,000 shares of its common stock to David S. Zaccardelli, the Company’s new Chief Executive Officer, and a non-qualified stock option award to purchase 250,000 shares of its common stock to Jason Hoitt, the Company’s new Chief Commercial Officer, under the inducement pool of the Dova Pharmaceuticals Amended and Restated 2017 Equity Incentive Plan. The stock options were granted as inducements material to the new employees becoming employees of Dova in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement pool is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Dova (or following a bona fide period of non-employment), as an inducement material to such individual's entering into employment with Dova, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
The options have an exercise price of $6.07 per share, which is equal to the closing price of Dova’s common stock on December 19, 2018. One-fourth of the shares subject to each option award will vest on December 17, 2019 and the remaining shares vest in 36 equal monthly installments thereafter, subject to the employees’ continuous service through each such date. The options are subject to the terms and conditions of the Dova Pharmaceuticals Amended and Restated 2017 Equity Incentive Plan, and the terms and conditions of a stock option agreement covering the grant.
About Dova Pharmaceuticals, Inc.
Dova is a pharmaceutical company focused on acquiring, developing, and commercializing drug candidates for rare diseases where there is a high unmet need, with an initial focus on addressing thrombocytopenia. Dova’s proprietary pipeline includes one commercial product, DOPTELET, for the treatment of thrombocytopenia in adult patients with chronic liver disease scheduled to undergo a procedure.
Mark W. Hahn
Chief Financial Officer