Avalanche Biotechnologies, Inc. Names Paul B. Cleveland as CEO
"Paul brings strong operational experience and a foundation in gene therapy to the role of CEO and member of the Board of Avalanche," said
"Avalanche has a promising next generation vector platform and a talented group of experienced professionals with significant records of achievement in the industry," stated Mr. Cleveland. "I am excited and honored to join this team, which has developed a competitive pipeline, platform and manufacturing capabilities that have the potential to bring next-generation therapies in to the clinic and ultimately to patients."
Prior to joining Avalanche, Mr. Cleveland served as chief executive officer of
On the date he commences his employment, Avalanche will grant Mr. Cleveland a stock option to purchase 910,000 shares of the Company's common stock. The grant, which will be issued outside of Avalanche's 2014 Equity Incentive Award Plan, was approved by Avalanche's Board of Directors pursuant to the inducement grant exception under NASDAQ Rule 5635(c)(4), as an inducement that is material to Mr. Cleveland's entering into employment with Avalanche. The option will have a per share exercise price equal to the closing sales price of Avalanche's common stock on NASDAQ on the grant date. The option will vest as to 25 percent of the total shares subject to the option on the first anniversary of the grant date, and as to 1/48 of the total shares subject to the option each month thereafter, subject to Mr. Cleveland's continued service with Avalanche through each vesting date.
Avalanche is a biopharmaceutical company committed to improving or preserving the sight of people suffering from serious eye diseases with an unmet medical need. We are leveraging our next-generation Ocular BioFactoryTM gene therapy platform to discover and develop novel medicines with the potential to offer life-changing therapeutic benefit. For more information, please visit www.avalanchebiotech.com
Except for the historical information contained herein, the matters set forth in this press release, including statements regarding Avalanche's plans, potential opportunities, expectations, projections, goals, objectives, milestones, strategies, product pipeline, clinical studies, product development and the potential benefits of its products under development, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties that could cause our product development program, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the product development process, the uncertainties inherent in the regulatory approval process, the timing of our regulatory filings and other matters that could affect the availability or commercial potential of our product candidates. Avalanche undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties relating to the business of Avalanche, see our Annual Report on Form 10-K for the year ended
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