Sage Therapeutics (NASDAQ: SAGE), a clinical-stage biopharmaceutical company developing novel medicines to treat life-altering central nervous system (CNS) disorders, today announced that, on March 1, 2019, the Compensation Committee of Sages Board of Directors granted non-qualified stock options to purchase an aggregate of 12,550 shares of its common stock, and 4,025 performance restricted stock units (PSUs) to three new employees under Sages 2016 Inducement Equity Plan.
The 2016 Inducement Equity Plan is used exclusively for the grant of equity awards to individuals who were not previously an employee or non-employee director of Sage (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with Sage, pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules.
The options have an exercise price of $157.18 per share, which is equal to the closing price of Sages common stock on March 1, 2019. Each option will vest and become exercisable as to 25% of the shares on the first anniversary of the recipients start date and will vest and become exercisable as to the remaining 75% of the shares in 36 equal monthly installments following the first anniversary, in each case, subject to each such employees continued employment with Sage on such vesting dates. The PSUs will vest in increments if pre-established performance milestones are achieved, subject to the employees continued employment with Sage on such vesting dates.
The equity awards are subject to the terms and conditions of Sages 2016 Inducement Equity Plan, and the terms and conditions of equity award agreements covering the grants.
About Sage Therapeutics
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Sage Therapeutics is a clinical-stage biopharmaceutical company committed to developing novel medicines to transform the lives of patients with life-altering CNS disorders. Sage’s lead product candidate, ZULRESSO„¢ (brexanolone) injection, has completed Phase 3 clinical development for postpartum depression and a New Drug Application is currently under review with the U.S. Food and Drug Administration. Sage is developing a portfolio of novel product candidates targeting critical CNS receptor systems, including SAGE-217, which is in Phase 3 development in major depressive disorder and postpartum depression. For more information, please visit www.sagerx.com.
Paul Cox, 617-299-8377
Maureen L. Suda, 585-355-1134