KING OF PRUSSIA, Pa., May 31, 2017 (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 22, 2017 and May 30, 2017, the grant of inducement stock options to purchase an aggregate of 100,000 shares of the Company’s common stock to two new employees. 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 first stock option, for 47,500 shares, has an exercise price per share of $2.98, the closing stock price on May 22, 2017; the second stock option, for 52,500 shares, has an exercise price per share of $2.40, the closing stock price on May 30, 2017. Each option has a ten-year term and will vest with respect to one-fourth of the total number of shares subject to the option on each of first, second, third, and fourth anniversaries of the grant date.
Trevena, Inc. is a biopharmaceutical company developing innovative therapies based on breakthrough science to benefit patients and healthcare providers confronting serious medical conditions. The Company has discovered four novel and differentiated drug candidates, including OLINVO. Trevena also has discovered TRV250, in early clinical development for the treatment of migraine, and TRV734 for pain. The Company maintains an early stage portfolio of drug discovery programs.