CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 5, 2018--
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 December 3,
2018, the Compensation Committee of Sage’s Board of Directors granted
non-qualified stock options to purchase an aggregate of 156,100 shares
of its common stock to 93 new employees under Sage’s 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 $115.96 per share, which is equal
to the closing price of Sage’s common stock on December 3, 2018. Each
option will vest and become exercisable as to 25% of the shares on the
first anniversary of the recipient’s 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 employee’s continued employment with Sage on such
vesting dates. The options are subject to the terms and conditions of
Sage’s 2016 Inducement Equity Plan, and the terms and conditions of a
stock option agreement covering the grant.
About Sage Therapeutics
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181205005130/en/
Source: Sage Therapeutics
Investor Contact:
Paul Cox, 617-299-8377
paul.cox@sagerx.com
Media Contact:
Maureen L. Suda, 585-355-1134
maureen.suda@sagerx.com
