DURHAM, N.C.--(BUSINESS WIRE)--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 elimination, gene insertion, and gene excision, today announced that, on September 18, 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 options to purchase (“stock options”) 66,523 shares of Precision’s common stock, par value $0.000005 (the “Common Stock”), and 1,841 restricted stock units (“RSUs”), granted to two employees in connection with their commencement of employment. Each award was granted under Nasdaq Listing Rule 5635(c)(4) as an inducement for the employee to commence service with Precision.
The stock options have a per share exercise price equal to the fair market value of Precision’s Common Stock on September 18, 2024, which was equal to $9.60. The stock options have a 10-year term and vest (subject to the employee’s 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 such individual’s 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 a 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).
