ST. PAUL, Minn., Oct. 12, 2017 /PRNewswire/ -- EnteroMedics Inc.
(NASDAQ:ETRM), a developer of minimally invasive medical devices to
treat obesity, metabolic diseases and other gastrointestinal
disorders, today announced that the Compensation Committee of the
Board of Directors of EnteroMedics granted stock options covering
an aggregate of 1,255,000 shares of EnteroMedics common stock to 51
persons newly employed by EnteroMedics as a result of
the ReShape Medical, Inc. acquisition and a stock option
covering 240,000 shares of EnteroMedics common stock to
Deborah Schmalz, EnteroMedics' newly
hired Vice President of Clinical, Regulatory Affairs and
Compliance.
The stock options were granted effective as of October 6,
2017, have a 10-year term, per share exercise price equal to the
closing price of EnteroMedics common stock on October 6, 2017,
and vest with respect to one-fourth of the underlying shares on the
one-year anniversary of the grant date and monthly thereafter over
the subsequent three years, subject to the recipient's continued
service.
These inducement options were granted under
the EnteroMedics Inc. 2017 Employment Inducement
Incentive Award Plan, which is a non-stockholder approved plan,
approved by the Board of Directors to facilitate the granting of
equity awards as an inducement material to new employees joining
EnteroMedics. These awards were granted without stockholder
approval in accordance with NASDAQ Listing Rule 5635(c)(4) and are
subject to the terms of the plan and the award agreements entered
into with each recipient. NASDAQ Listing Rule 5635(c)(4) requires a
public announcement of inducement equity awards.
About EnteroMedics Inc.
EnteroMedics is a medical device company focused on the
development and commercialization of technology to treat obesity
and metabolic diseases. vBloc® Neurometabolic Therapy, delivered by
an FDA-approved pacemaker-like device called the vBloc® System, is
designed to help patients feel full and eat less by intermittently
blocking hunger signals on the vagus nerve. EnteroMedics acquired
the Gastric Vest System™ through its acquisition of BarioSurg, Inc.
in May 2017 and acquired the ReShape
Dual Weight Loss Balloon® through its acquisition of ReShape
Medical, Inc. in October 2017.
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SOURCE EnteroMedics Inc.