SAN DIEGO, Aug. 27 /PRNewswire-FirstCall/ — Orexigen®
Therapeutics, Inc. (Nasdaq:
OREX), a biopharmaceutical company focused on the treatment of
obesity, today announced that on August 25, 2010 the Compensation
Committee of the Company’s Board of Directors approved the grant of
inducement stock options to purchase a total of 10,000 shares of
common stock to two new employees.
Both of the stock options are intended to be incentive stock
options to the extent permitted by law and both have an exercise
price per share equal to $4.53, the fair market value on the grant
date. Each stock option vests over the course of four years, with
25% vesting on the one-year anniversary of the grant date and 1/48
of the shares vesting monthly thereafter so that all of the shares
subject to the stock option shall be vested on the fourth
anniversary of the grant date, subject to the new employee’s
continued service relationship with the Company on each such date.
Each stock option has a ten year term and is subject to the terms
and conditions of the Company’s 2007 Equity Incentive Award Plan
and the stock option agreement pursuant to which the option is
granted.
Both stock options were granted as an inducement material to the
new employees entering into employment with Orexigen Therapeutics
in accordance with NASDAQ listing Rule 5635(c)(4).
About Orexigen Therapeutics
Orexigen Therapeutics, Inc. is a biopharmaceutical company
focused on the treatment of obesity. The Company has filed an NDA
with the FDA for its lead investigational product, Contrave(R). The
Company’s second product, Empatic(TM), has completed Phase 2
clinical development. Each product candidate is designed to act on
a specific group of neurons in the central nervous system with the
goal of achieving appetite suppression and sustained weight loss,
through combination therapeutic approach
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