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

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Cardiff Oncology grants non-qualified stock options to a new employee. The options allow the purchase of 50,016 shares of common stock at an exercise price of $1.49 per share. Vesting occurs over a 4-year period, with 25% of the shares vesting after 1 year and the remaining shares vesting monthly over the following 36 months.

SAN DIEGO, July 24, 2023 /PRNewswire/ -- Cardiff Oncology, Inc. (Nasdaq: CRDF), a clinical-stage biotechnology company leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers, today announced that on July 24, 2023, non-qualified stock option awards to purchase an aggregate of 50,016 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 $1.49 per share, which is equal to the closing price of Cardiff Oncology's common stock on July 24, 2023. 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 biotechnology company leveraging PLK1 inhibition, a well-validated oncology drug target, to develop novel therapies across a range of cancers. The Company's lead asset is onvansertib, a PLK1 inhibitor being evaluated in combination with standard-of-care (SoC) therapeutics in clinical programs targeting indications such as KRAS/NRAS-mutated metastatic colorectal cancer (mCRC) and metastatic pancreatic ductal adenocarcinoma (mPDAC), as well as in investigator-initiated trials in triple negative breast cancer (TNBC) and small cell lung cancer (SCLC). These programs and the Company's broader development strategy are designed to target tumor vulnerabilities in order to overcome treatment resistance and deliver superior clinical benefit compared to the SoC alone. For more information, please visit https://www.cardiffoncology.com.

Cardiff Oncology Contact:
James Levine
Chief Financial Officer
858-952-7670
jlevine@cardiffoncology.com

Investor Contact:
Kiki Patel, PharmD 
Gilmartin Group
332-895-3225
Kiki@gilmartinir.com

Media Contact:
Richa Kumari
Taft Communications
551 344-5592 
richa@taftcommunications.com

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SOURCE Cardiff Oncology, Inc.

FAQ

What did Cardiff Oncology announce?

Cardiff Oncology announced the granting of non-qualified stock options to a new employee.

How many shares can be purchased through the stock options?

The stock options allow the purchase of 50,016 shares.

What is the exercise price of the stock options?

The exercise price is $1.49 per share.

How does the vesting of the stock options work?

The options will vest over a 4-year period, with 25% of the shares vesting after 1 year and the remaining shares vesting monthly over the following 36 months.