SAN DIEGO, Jan. 05, 2018 (GLOBE NEWSWIRE) -- Vital Therapies, Inc. (Nasdaq:VTL), a biotherapeutic company developing ELAD®, a cell-based therapy targeting the treatment of acute forms of liver failure, today reported a grant under its 2017 Inducement Equity Incentive Plan to Russell Cox, who joined Vital Therapies as its Chief Executive Officer, effective January 3, 2018.
The grant made January 3, 2018 is an award of a nonstatutory stock option to purchase 1,588,832 of Vital Therapies’ common stock. The grant was made outside of Vital Therapies’ current equity plan, but will be subject to terms and conditions generally consistent with those in its 2014 Equity Incentive Plan. The option has a 10-year term and an exercise price that is the same as the closing price of Vital Therapies’ common stock on the grant date. The option grant will vest over four years with 25% of the total shares vesting one year from his start date and 1/48th of the total shares vesting monthly for the next three years subject to his continued service.
The grant was approved by Vital Therapies’ Compensation Committee of the Board of Directors on January 2, 2018. In accordance with NASDAQ Listing Rule 5635(c)(4), the grant was made as an inducement material to entering into an employment relationship with Vital Therapies.
About Vital Therapies, Inc.
Vital Therapies, Inc. is a biotherapeutic company developing a cell-based therapy targeting the treatment of acute forms of liver failure. The Company’s ELAD System is an extracorporeal human allogeneic cellular liver therapy currently in phase 3 clinical trials. Vital Therapies, Inc. is based in San Diego, California. Vital Therapies® and ELAD® are trademarks of Vital Therapies, Inc.
Vital Therapies, Inc.
Vice President, Investor Relations and Business Development
Source: Vital Therapies, Inc.