SAN DIEGO, June 12, 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 Amended and Restated 2017 Inducement Equity Incentive Plan to a new employee who joined Vital Therapies on June 11, 2018.
The grant made June 11, 2018 is an award of a nonstatutory stock option to purchase up to a total of 60,000 shares of Vital Therapies’ common stock. The option has an exercise price of $5.28 per share, the closing price of Vital Therapies’ common stock on the date of grant. The option grant will vest over four years with 1/48th of the total shares vesting monthly, subject to continued service. The stock option has a ten-year term and is subject to the terms and conditions of the Amended and Restated 2017 Inducement Equity Incentive Plan and a stock option agreement covering the grant.
The grant was approved by the Board of Directors of Vital Therapies on June 9, 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.