SAN DIEGO, April 25, 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 grants under its Amended and Restated 2017 Inducement Equity Incentive Plan to two new employees who joined Vital Therapies.
The grants made April 24, 2018 are awards of nonstatutory stock options to purchase up to a total of 32,526 shares of Vital Therapies common stock. The options have an exercise price of $5.50, the closing price of Vital Therapies’ common stock on the grant date. The option grants will vest over four years with 1/48th of the total shares vesting monthly, subject to continued service. Each 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 grants were approved by the Vital Therapies Board of Directors on April 24, 2018. In accordance with NASDAQ Listing Rule 5635(c)(4), the grants were 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.