AUSTIN, Texas, March 17, 2023 /PRNewswire/ -- Aeglea BioTherapeutics, Inc. (NASDAQ:AGLE), a clinical-stage biotechnology company developing a new generation of human enzyme therapeutics as innovative solutions for rare metabolic diseases, today announced the company granted non-qualified equity awards to four new employees with a grant date of March 17, 2023, as equity inducement awards outside of the company's 2016 Equity Incentive Plan, but under the terms of the company's 2018 Equity Inducement Plan. The awards were granted as material inducements to the employees entering into employment with Aeglea in accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules.
The 2018 Equity Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Aeglea, or following a bona fide period of non-employment, as an inducement material to such individuals' entering into employment with Aeglea, pursuant to Nasdaq Listing Rule 5635(c)(4).
The employees received, in the aggregate, options to purchase 63,000 shares of Aeglea's common stock. The options have an exercise price of $0.31 per share, which is equal to the closing price of Aeglea's common stock on March 17, 2023. The option awards vest at 25% of the shares on the one-year anniversary of the grant, with the remainder of the shares vesting ratably over 36 months thereafter subject to each employees' continued employment through the applicable vesting date. The awards are subject to the terms and conditions of the 2018 Equity Inducement Plan and the terms and conditions of a stock option agreement covering the grant.
Aeglea BioTherapeutics is a clinical-stage biotechnology company redefining the potential of human enzyme therapeutics to benefit people with rare metabolic diseases with limited treatment options. Aeglea is investigating pegtarviliase in an ongoing Phase 1/2 clinical trial for the treatment of Classical Homocystinuria. Pegtarviliase has been granted Rare Pediatric Disease Designation. Aeglea's other clinical program, pegzilarginase, achieved the primary endpoint of arginine reduction in the PEACE Phase 3 clinical trial and has received both Rare Pediatric Disease and Breakthrough Therapy Designations. The Marketing Authorization Application for pegzilarginase is currently under review with the European Medicines Agency. For more information, please visit http://aeglea.com.
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