- Reports Inducement Option Grant under NASDAQ Rule 5635(c)(4) -
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sep. 18, 2014--
OvaScienceSM (NASDAQ: OVAS), a global life sciences company
focused on the discovery, development and commercialization of new
fertility treatments, announced today the appointment of Jeffrey Young
to Chief Financial Officer. Mr. Young joins OvaScience from Transmedics,
Inc., where he served as Chief Financial Officer and Treasurer, leading
the finance, accounting, tax and treasury functions.
“We are pleased to welcome Jeff to the OvaScience team. Jeff’s
experience in international finance and global operations, including the
establishment of international subsidiaries and ex-U.S. revenue and tax
reporting requirements, will be important to OvaScience as we expand the
availability of our AUGMENT treatment and launch the OvaPrime treatment
internationally next year,” said Michelle Dipp, M.D., Ph.D., Chief
Executive Officer at OvaScience.
“This is such a pivotal time for OvaScience as the Company is
transitioning to a commercial entity. I was drawn to the Company’s
mission to provide new fertility treatments to patients and to bring my
experiences to help guide the expansion into new markets,” said Mr.
Prior to serving as CFO of Transmedics, Mr. Young was CFO and Treasurer
at Lantheus Medical Imaging, Inc. While at Lantheus, an international
corporation, he was responsible for multiple functions, including
finance, accounting, customer service, tax and treasury. He also
assisted in raising $400 million in a registered notes offering. Before
Lantheus, Mr. Young served as Chief Accounting Officer, Vice President
of Finance and Treasurer at Critical Therapeutics, and managed the
company’s transition during its acquisition by Cornerstone BioPharma.
Earlier in his career, Mr. Young held finance roles at PerkinElmer, Inc.
and PricewaterhouseCoopers. Mr. Young is a Certified Public Accountant
and holds a B.S. in Business Administration from Georgetown University.
The Company also announced today the grant of an inducement option grant
to Mr. Young. The award was approved by the Board's Compensation
Committee and ratified by the full Board on September 17, 2014 as an
inducement material to Mr. Young’s entering into employment with the
Company in accordance with NASDAQ Listing Rule 5635(c)(4).
The inducement grant consisted of an option to purchase up to 224,000
shares of common stock. The options will be exercisable at a price of
$15.67 per share (the closing price on September 17, 2014) and will vest
as to 25% of the shares on September 8, 2015, and as to an additional
6.25% of the shares per quarter thereafter, provided that he remains
employed by OvaScience on the vesting date.
OvaScience (NASDAQ: OVAS) is a global life sciences company focused on
the discovery, development and commercialization of new fertility
treatments. The Company’s patented technology is based on the discovery
of egg precursor cells (EggPCs), which are found in the ovaries. By
applying proprietary technology to identify and isolate EggPCSM
cells, OvaScience is developing potential next generation in vitro fertilization
(IVF) treatments. OvaScience launched the AUGMENTSM
treatment, which aims to improve egg quality and increase the success of
IVF, in international markets and has two additional treatments in
development: the OvaPrimeSM treatment, designed to boost a
woman’s egg reserve using her own EggPC cells; and the OvaTureSM treatment,
which seeks to create mature fertilizable eggs from a woman’s own EggPC
cells without the need for hormone injections. OvaScience’s team of
scientists, physicians and advisers includes recognized leaders in the
field of reproductive medicine. For more information, please visit www.ovascience.com
and connect with us on Twitter
This press release includes forward-looking statements about the
Company’s plans for the AUGMENT treatment and its two fertility
treatments in development, and the Company’s plans to expand the
availability of the AUGMENT treatment, launch OvaPrime in 2015
internationally and transition to a commercial entity. Actual
results may differ materially from those indicated by these
forward-looking statements as a result of various important factors,
including risks related to: our expectation that the AUGMENT treatment
and OvaPrime treatment meet the requirements of a class of products
exempt from premarket review and approval under applicable regulations
in those countries where we have launched or plan to introduce the
AUGMENT treatment and plan to introduce the OvaPrime treatment; the
science underlying our treatment and treatments in development
(including the AUGMENT, OvaPrime and OvaTure treatments), which is
unproven; our ability to obtain regulatory approval where necessary for
our potential treatments; our ability to develop our potential
treatments, including the OvaPrime and OvaTure treatments, on the
timelines we expect, if at all; our ability to commercialize the AUGMENT
treatment and our potential treatments, including the OvaPrime
treatment, on the timelines we expect, if at all; as well as those risks
more fully discussed in the “Risk Factors” section of our most recently
filed Quarterly Report on Form 10-Q and/or Annual Report on Form 10-K.
The forward-looking statements contained in this press release reflect
our current views with respect to future events. We anticipate that
subsequent events and developments will cause our views to change.
However, while we may elect to update these forward-looking statements
in the future, we specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as representing our
view as of any date subsequent to the date hereof.
Cara Petralia, 617-714-9638