NOVATO, Calif., Jan. 20, 2015 (GLOBE NEWSWIRE) -- Raptor Pharmaceutical Corp. (Nasdaq:RPTP) today announced that on January 15, 2015, a majority of the independent members of the Company's Board of Directors approved inducement stock option awards to new hire employees pursuant to the Raptor Pharmaceutical Corp. 2014 Employment Commencement Stock Incentive Plan. The plan was approved by the Board of Directors under Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to enter into employment with the Company.
The grants consisted of stock options to purchase an aggregate of 460,125 shares of the Company's common stock to seven employees, including an option to purchase 165,000 shares each to Michael P. Smith, Chief Financial Officer, and Krishna R. Polu, M.D., Chief Medical Officer. Each has an exercise price per share of $9.98, the closing price on the trading date immediately prior to the grant date.
About Raptor Pharmaceutical
Raptor Pharmaceutical Corp. is a global biopharmaceutical company focused on the development and commercialization of life-altering therapeutics that treat rare, debilitating and often fatal diseases. The company is engaged in multiple therapeutic areas such as nephropathic cystinosis, Huntington's disease (HD), nonalcoholic steatohepatitis (NASH), and Leigh syndrome and other mitochondrial diseases. With an approved product in the U.S. and EU, Raptor also holds several orphan drug designations, including exclusivity for nephropathic cystinosis in the U.S. and EU, and orphan drug designation for HD in the U.S. and EU. A request for orphan designation for Leigh syndrome has been submitted to the FDA. Raptor holds intellectual property for the use of cysteamine in HD and other neurodegenerative disorders including Parkinson's disease and Rett syndrome. For additional information, please visit www.raptorpharma.com.