CymaBay Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

CymaBay Therapeutics (NASDAQ: CBAY) announced the appointment of Dr. Dennis Kim as Chief Medical Officer with a stock option grant of 390,000 shares at an exercise price of $4.37. This grant is compliant with Nasdaq regulations and will vest over four years, starting with 25% in one year, followed by 36 equal monthly installments. CymaBay is focused on developing therapies for liver diseases and has received various designations for its lead product, seladelpar, aimed at addressing primary biliary cholangitis (PBC).

Positive

• Appointment of a qualified Chief Medical Officer can enhance leadership.
• Stock option grant could motivate Dr. Kim to drive company success.
• CymaBay's innovative therapies may meet high unmet medical needs.

Negative

• None.

NEWARK, Calif., May 18, 2021 (GLOBE NEWSWIRE) -- CymaBay Therapeutics, Inc. (NASDAQ: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, today announced  the grant of an inducement award to Dennis Kim, MD in connection with his appointment as the company’s Chief Medical Officer. The Compensation Committee of the Board of Directors of CymBay approved the grant of a non-qualified stock option to purchase an aggregate of 390,000 shares of its common stock as an inducement material to Dr. Kim entering into employment with CymaBay in accordance with Nasdaq Listing Rule 5635(c)(4), and is subject to the terms and conditions of the applicable award agreement covering such grant.

This stock option grant has an exercise price of $4.37 per share, which is equal to the closing price of CymaBay’s common stock on May 17, 2021, the date of grant for the stock option. The stock option will vest and become exercisable as to 25% of the underlying shares on May 17, 2022, and will vest and become exercisable as to the remaining 75% of the underlying shares in 36 equal monthly installments from May 17, 2022, subject to Dr. Kim’s continued employment with CymaBay on such vesting dates.

About CymaBay
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on improving the lives of people with liver and other chronic diseases that have high unmet medical need through a pipeline of innovative therapies. Our deep understanding of the underlying mechanisms of liver inflammation and fibrosis, and the unique targets that play a role in their progression, have helped us receive breakthrough therapy designation (U.S. Food and Drug Administration), PRIority MEdicines status (European Medicines Agency) and orphan drug status (U.S. and Europe) for seladelpar, a first-in-class treatment for people with primary biliary cholangitis (PBC). Our evidence-based decision-making and commitment to the highest quality standards reflect our relentless dedication to the people, families and communities we serve. To learn more, visit www.cymabay.com and follow us on Twitter and Linkedin.

Public Relations Contact:                                    

Glenn Silver
Lazar-FINN Partners
(973) 818-8198
Glenn.silver@finnpartners.com

Investor Relations Contact:

Hans Vitzthum
LifeSci Advisors, LLC
(617) 430-7578
Hans@LifeSciAdvisors.com

 

FAQ

What is the significance of Dr. Dennis Kim's appointment to CymaBay?

Dr. Dennis Kim's appointment as Chief Medical Officer could strengthen CymaBay's leadership and operational effectiveness in developing treatments for liver diseases.

What are the details of the stock option grant to Dr. Kim?

Dr. Kim received a stock option grant for 390,000 shares at an exercise price of $4.37, with 25% vesting after one year and the remainder over three years.

What is the focus of CymaBay Therapeutics?

CymaBay is focused on developing therapies for liver and chronic diseases, particularly addressing unmet medical needs through innovative treatments.

What designations has CymaBay's lead product obtained?

CymaBay's lead product, seladelpar, has received breakthrough therapy designation, PRIority MEdicines status, and orphan drug status in both the U.S. and Europe.