Aclaris Announces Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
Published: Oct 09, 2017
MALVERN, Pa., Oct. 06, 2017 (GLOBE NEWSWIRE) -- Aclaris Therapeutics, Inc. (NASDAQ:ACRS), a dermatologist-led, biopharmaceutical company focused on identifying, developing and commercializing innovative and differentiated therapies to address significant unmet needs in medical and aesthetic dermatology, today announced that, on October 2, 2017, the Compensation Committee of Aclaris’ Board of Directors granted 3 non-qualified stock option awards to purchase an aggregate of 56,000 shares of its common stock and 3 restricted stock unit awards covering an aggregate of 9,336 shares of its common stock to 3 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 $26.40 per share, which is equal to the closing price of Aclaris' common stock on October 2, 2017. 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 Equity 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 and differentiated therapies to address significant unmet needs in medical and aesthetic dermatology. Aclaris is focused on large, underserved market segments with no FDA-approved medications or where treatment gaps exist. Aclaris is based in Malvern, Pennsylvania and more information can be found by visiting the Aclaris website at www.aclaristx.com.
Michael Tung, M.D.