Spero Therapeutics Announces Nasdaq Incentive Grants
CAMBRIDGE, Mass., May 28, 2021 (GLOBE NEWSWIRE) – Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-active, clinical-stage biopharmaceutical company focused on the identification, development and commercialization of treatments in areas of -Drug-resistant bacterial infections and rare diseases, today announced that on May 28, 2021, the compensation committee of Spero’s board of directors granted unqualified stock options to purchase a total of 36,000 shares of its common stock to seven new employees under Spero Therapeutics, Inc., the 2019 Incentive Stock Incentive Plan or the 2019 Incentive Plan. significant incentive to new employees who become employees of Spero in accordance with Nasdaq Enrollment Rule 5635 (c) (4).
The 2019 incentive plan is used exclusively for the granting of stock awards to persons who were not previously employees of Spero (or after a good faith period of non-employment), as a material incentive to the entry of such persons to employment with Spero, in accordance with Rule 5635 (c) (4) of the Nasdaq Registration Rules.
The options have an exercise price of $ 14.50 per share, which is equal to the closing price of the common share of Spero on the Nasdaq Global Select Market on May 28, 2021. Each option will vest over a period of four years, with 25% of the shares vested after 12 months and the remaining shares vested monthly over the following 36 months, subject to the continued employment of each employee at Spero on those vesting dates. The options are subject to the terms and conditions of the 2019 incentive plan and to the terms and conditions of a stock option agreement covering the grant.
About Spero Therapeutic
Spero Therapeutics, Inc. is a clinical-stage, multi-active biopharmaceutical company focused on the identification, development and commercialization of novel treatments for multi-drug resistant (MDR) bacterial infections and rare diseases.
Spero’s lead product candidate, tebipenem HBr (tebipenem pivoxil hydrobromide; formerly SPR994), is in development as the first oral carbapenem antibiotic for use in complicated urinary tract infections (cUTI) and acute pyelonephritis (AP). In September 2020, Spero announced the first positive results of its phase 3 ADAPT-PO clinical trial of tebipenem HBr in cUTI and AP.
Spero is also developing SPR720 as a new oral therapy product candidate for the treatment of rare and orphan lung diseases caused by non-tuberculous mycobacterial infections (NTMs).
Spero also has a next-generation intravenously administered polymyxin product candidate, SPR206, developed from its potentiation platform, which is under development to treat Gram-negative MDR infections in hospital settings.
For more information visit https://sperotherapeutics.com.
Investor Relations Contact: