Trevena Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
CHESTERBROOK, Pa., May 08, 2018 (GLOBE NEWSWIRE) -- Trevena, Inc. (NASDAQ:TRVN) today announced that the independent Compensation Committee of the Board of Directors of the Company approved, effective as of May 2, 2018, the grant of inducement stock options to purchase 27,000 shares of the Company's common stock to Richard Zimet, a new employee. These awards were granted pursuant to the Trevena, Inc. Inducement Plan as an inducement material to the new employees entering into employment with the Company, in accordance with NASDAQ Listing Rule 5635(c)(4).
The stock option has an exercise price per share of $2.07, the closing stock price on May 2, 2018. The option has a ten-year term and will vest with respect to one-sixteenth of the total number of shares subject to the option on each quarterly anniversary of the grant date.
Trevena, Inc. is a biopharmaceutical company focused on providing better, safer therapies to patients in pain. The Company has leveraged breakthrough science to discover and develop its investigational product, oliceridine injection, for the management of moderate-to-severe acute pain. Oliceridine has been granted Breakthrough Therapy designation by the U.S. Food and Drug Administration, and is intended to provide healthcare providers an innovative new option for patients who require an intravenous opioid. The Company also has an early stage pipeline of new chemical entities targeting novel mechanisms of action, including TRV250 for acute migraine, neuropathic pain, and other indications.
Jonathan Violin, Ph.D.
SVP, scientific affairs and investor relations officer
Released May 8, 2018