A.P. Pharma, Inc. (NASDAQ:APPA), a specialty pharmaceuticals company, announced today it has made a stock option grant to Ronald J. Prentki, who joined the company on July 7, 2008 as President and Chief Executive Officer, for 1,400,000 shares. The options have a ten year life, vest on a four year schedule, and have an exercise price of $1.19 per share, the closing price of the company’s common stock on the date of the grant.
The options were granted under A.P. Pharma’s 2000 Non-Qualified Stock Plan, under which awards are limited to grants as an inducement to new employees to join the company. In accordance with NASDAQ rules, these awards were made under a stock incentive plan that has not received stockholder approval, and such rules require a public announcement of equity awards made under this type of plan.
About A.P. Pharma
A.P. Pharma is a specialty pharmaceutical company focused on the development of ethical (prescription) pharmaceuticals utilizing its proprietary polymer-based drug delivery systems. The company's primary focus is the development and commercialization of its bioerodible injectable and implantable systems under the trade name Biochronomer™. Initial target areas of application for the company's drug delivery technology include anti-nausea, pain management, anti-inflammation and DNA/RNAI applications. For further information visit the company's web site at www.appharma.com.
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Lippert/Heilshorn & Associates
Don
Markley
310-691-7100
dmarkley@lhai.com
or
Company
Contact:
A.P. Pharma, Inc.
Gregory Turnbull
Chief
Financial Officer
650-366-2626