Cardiff Oncology Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On January 31, 2022, Cardiff Oncology (Nasdaq: CRDF) announced the granting of stock options to a new employee, totaling 55,008 shares. The options, priced at $3.38 per share, reflect the stock's closing price on the grant date. These inducements are in compliance with Nasdaq Listing Rule 5635(c)(4) and will vest over four years, contingent on the employee's continued employment. Cardiff Oncology focuses on innovative cancer treatments, including its investigational drug, onvansertib, targeting KRAS-mutated cancers and other high-need indications.

Positive

• Grant of 55,008 stock options to incentivize new employee, promoting talent retention.
• Stock options priced at $3.38, aligning employee interests with shareholder value.
• Ongoing commitment to developing precision medicine in oncology with significant unmet needs.

Negative

• None.

SAN DIEGO, Jan. 31, 2022 /PRNewswire/ -- Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage oncology company, developing new precision medicine treatment options for cancer patients in indications with the greatest unmet medical need including KRAS-mutated colorectal cancer, pancreatic cancer, and castrate-resistant prostate cancer, today announced that on January 31, 2022, non-qualified stock option awards to purchase an aggregate of 55,008 shares of its common stock were granted to one new employee. The stock options were granted as inducements material to the new employee becoming an employee of Cardiff Oncology in accordance with Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $3.38 per share, which is equal to the closing price of Cardiff Oncology's common stock on January 31, 2022. Each option will vest over a 4-year period, with 25% of the shares vesting upon the 1-year anniversary of the date of grant and the remaining shares vesting monthly over the following 36-months, subject to the employee's continued employment with Cardiff Oncology on such vesting dates.

About Cardiff Oncology, Inc.
Cardiff Oncology is a clinical-stage oncology company, developing new precision medicine treatment options for cancer patients in indications with the greatest unmet medical need. Our goal is to target tumor vulnerabilities with treatment combinations that overcome disease resistance and improve disease response to standard treatment regimens and to increase overall survival. We are developing onvansertib, a first-in-class, third-generation Polo-like Kinase 1 ("PLK1") inhibitor, in combination with standard-of-care anti-cancer therapeutics. Our clinical development programs incorporate tumor genomics and biomarker technology to refine assessment of patient response to treatment. We have three clinical programs currently ongoing: a Phase 1b/2 study of onvansertib in combination with FOLFIRI/Avastin® (bevacizumab) in KRAS-mutated metastatic colorectal cancer (mCRC); a Phase 2 trial of onvansertib in combination with nanoliposomal irinotecan, leucovorin and fluorouracil for the second-line treatment of patients with metastatic pancreatic ductal adenocarcinoma (PDAC); and a Phase 2 study of onvansertib in combination with Zytiga® (abiraterone)/prednisone in metastatic castrate-resistant prostate cancer (mCRPC). For more information, please visit https://www.cardiffoncology.com.  

Cardiff Oncology Contact:
Vicki Kelemen
Chief Operating Officer
858-952-7652
vkelemen@cardiffoncology.com 

Investor Contact:
Joyce Allaire
LifeSci Advisors
212-915-2569
jallaire@lifesciadvisors.com 

Media Contact:
Amy Jobe, Ph.D.
LifeSci Communications
315-879-8192
ajobe@lifescicomms.com 

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SOURCE Cardiff Oncology, Inc.

FAQ

What stock options were granted by Cardiff Oncology on January 31, 2022?

Cardiff Oncology granted 55,008 stock options to a new employee, with an exercise price of $3.38 per share.

What is the significance of the stock options granted to the employee?

The stock options serve as an inducement for the new employee according to Nasdaq Listing Rule 5635(c)(4), promoting retention.

How long will the stock options vest for the new employee?

The stock options will vest over a four-year period, with 25% vesting after one year.

What is Cardiff Oncology's focus in terms of drug development?

Cardiff Oncology focuses on developing precision medicine treatments for cancers with high unmet medical needs, including KRAS-mutated colorectal cancer and pancreatic cancer.