Portola Pharmaceuticals Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
SOUTH SAN FRANCISCO, Calif., July 27, 2017 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc.® (NASDAQ:PTLA) announced today that on July 25, 2017, the Compensation Committee of the Board of Directors approved, effective as of July 31, 2017, the grant of inducement stock options to purchase an aggregate of 342,000 shares of common stock to 53 new employees.
Each stock option shall have an exercise price per share equal to the closing price per share of the Company’s Common Stock on July 31, 2017, 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 stock options 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 biopharmaceutical company developing product candidates that could significantly advance the fields of thrombosis and other hematologic diseases. The Company’s first medicine Bevyxxa® (betrixaban), an oral, once-daily Factor Xa inhibitor, was approved by the U.S. Food and Drug Administration in June 2017. The company is also working to advance two clinical programs for andexanet alfa, a recombinant protein designed to reverse the anticoagulant effect in patients treated with an oral or injectable Factor Xa inhibitor; and cerdulatinib, a SYK/JAK inhibitor in development to treat hematologic cancers. Portola's partnered program is focused on developing selective SYK inhibitors for inflammatory conditions. For more information, visit http://www.portola.com and follow the Company on Twitter @Portola_Pharma.
Mardi Dier, CFO
Julie NormartPure Communicationsjnormart@purecommunications.com
Portola Pharmaceuticals, Inc.