SOUTH SAN FRANCISCO, Calif., Dec. 05, 2017 (GLOBE NEWSWIRE) -- Portola Pharmaceuticals, Inc.® (NASDAQ:PTLA) announced today that on November 27, 2017, the Compensation Committee of the Board of Directors approved, effective as of November 30, 2017, the grant of inducement stock options to purchase an aggregate of 214,400 shares of common stock to nine new employees, including the grant of an inducement stock option to purchase 125,000 shares of common stock granted to John Lawrence, the Company’s newly appointed Senior Vice President, Chief Medical Officer. In addition, Portola granted to Mr. Lawrence an award in the form of 5,000 restricted stock units.
Each stock option shall have an exercise price per share of $50.75, the closing price per share of the Company’s Common Stock on November 30, 2017, and will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the remaining shares vest ratably over the subsequent 36 months, subject to each new employee's continued service with the Company. Each stock option has a ten-year term and is subject to the terms and conditions of the Company's Inducement Plan and the stock option agreement pursuant to which the option was granted. The shares subject to the restricted stock unit award granted to Mr. Lawrence shall vest in three equal annual installments over three years, with the first installment vesting on March 1, 2019, in each case subject to Mr. Lawrence’s continued service with the Company.
The stock options were granted as inducements material to the new employees entering into employment with Portola in accordance with NASDAQ Listing Rule 5635(c)(4).
About Portola Pharmaceuticals, Inc.
Portola Pharmaceuticals is a biopharmaceutical company developing product candidates that could significantly advance the fields of thrombosis and other hematologic diseases. The Company is advancing its three wholly-owned programs using novel biomarker and genetic approaches that may increase the likelihood of clinical, regulatory and commercial success of its potentially life-saving therapies. Portola's partnered program is focused on developing selective Syk inhibitors for inflammatory conditions.
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Source:Portola Pharmaceuticals, Inc.