CHESTERBROOK, Pa., March 02, 2018 (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 February 19, 2018, the grant of inducement stock options to purchase an aggregate of 95,000 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 $1.64, the closing stock price on February 20, 2018; the second stock option, also for 47,500 shares, has an exercise price per share of $1.79, the closing stock price on February 28, 2018. Each option has a ten-year term and will vest with respect to one-sixteenth of the total number of shares subject to the option on each quarterly anniversary of the respective grant dates.
Trevena, Inc. is a biopharmaceutical company focused on providing better, safer therapies to patients in pain. The Company has leveraged breakthrough science to discover and develop its investigational product OLINVO™ (oliceridine) Injection for the management of moderate-to-severe acute pain. The Company also has an early stage pipeline of new chemical entities targeting novel mechanisms of action, including for acute migraine, neuropathic pain, and other indications.
Jonathan Violin, Ph.D.
SVP, scientific affairs and investor relations officer