CHESTERBROOK, Pa., Aug. 14, 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 July 31, August 7, and August 10, 2017, the grant of inducement stock options to purchase an aggregate of 87,000 shares of the Company’s common stock to four 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 grant, for 27,000 shares, has an exercise price per share of $2.61, the closing stock price on July 31, 2017. The second and third stock option grants, both for 20,000 shares, have an exercise price per share of $2.48, the closing stock price on August 7, 2017. The fourth stock option, for 20,000 shares, has an exercise price per share of $2.34, the closing stock price on August 10, 2017. Each option grant 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.