Portola Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4) - March 2, 2020
SOUTH SAN FRANCISCO, Calif., March 2, 2020 /PRNewswire/ -- Portola Pharmaceuticals, Inc.® (NASDAQ: PTLA) announced today that on February 28, 2020, the Compensation Committee of the Board of Directors approved, effective as of February 28, 2020, a grant to Rajiv Patni of (i) inducement stock options to purchase 125,000 shares of common stock, and (ii) awards of 35,000 restricted stock units. Also approved, effective as of February 28, 2020, the grant to three new employees of (i) inducement stock options to purchase an aggregate of 24,000 shares of common stock, and (ii) awards of 12,000 restricted stock units in the aggregate.
Each stock option shall have an exercise price per share of $10.11, the closing price per share of the Company's Common Stock on February 28, 2020, and will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the remaining shares vest ratably over the subsequent 36 months, subject to each new employee's continued service with the Company. Each stock option has a ten-year term and is subject to the terms and conditions of the Company's Inducement Plan and the stock option agreement pursuant to which the option was granted. The shares subject to the restricted stock unit awards granted shall vest in three equal annual installments over three years, with the first installment vesting on March 1, 2020 subject to each new employee's continued service with the Company.
The awards were granted as inducements material to the new employees entering into employment with Portola in accordance with Nasdaq Listing Rule 5635(c)(4).
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a global, commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics that could significantly advance the fields of thrombosis and other hematologic conditions. The Company's first two commercialized products are Andexxa® [coagulation factor Xa (recombinant), inactivated-zhzo], marketed in Europe as Ondexxya® (andexanet alfa), and Bevyxxa® (betrixaban). The company also is advancing cerdulatinib, a SYK/JAK inhibitor being developed for the treatment of hematologic cancers. Founded in 2003 in South San Francisco, California, Portola has operations in the United States and Europe.
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SOURCE Portola Pharmaceuticals, Inc.®
Company Codes: NASDAQ-NMS:PTLA