SAN DIEGO, May 20, 2016 (GLOBE NEWSWIRE) -- TRACON Pharmaceuticals (NASDAQ:TCON), a clinical stage biopharmaceutical company focused on the development and commercialization of novel targeted therapeutics for cancer, wet age-related macular degeneration and fibrotic diseases, announced today that it has issued an inducement award to a new non-executive employee.
TRACON issued an inducement award to a new non-executive officer employee on May 18, 2016. The inducement award consists of options to purchase an aggregate of 15,600 shares of the Company's common stock and was granted in accordance with NASDAQ Listing Rule 5635(c)(4) under the TRACON Pharmaceuticals, Inc. 2015 Equity Incentive Plan (the "2015 Plan”). The options have an exercise price per share equal to $6.70, which was the closing price of one TRACON share on the Nasdaq Global Market on the date of grant. The options vest over four years, with 25% of the option shares vesting on the first anniversary of the date of grant and the remaining 75% of the option shares vesting in monthly installments over the three years thereafter. The options have a ten-year term, and are subject to the terms and conditions of the 2015 Plan and applicable stock option agreement.
TRACON develops targeted therapies for cancer, ophthalmic and fibrotic diseases. The Company’s clinical-stage pipeline includes: TRC105, an endoglin antibody that is being developed for the treatment of multiple cancers; DE-122, the ophthalmic formulation of TRC105 that is being developed in wet AMD through a collaboration with Santen Pharmaceutical Company Ltd.; and TRC102, a small molecule that is being developed for the treatment of lung cancer and glioblastoma. To learn more about TRACON and its product candidates, visit TRACON's website at www.traconpharma.com.
Source:TRACON Pharmaceuticals, Inc.