Curis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Curis, Inc. (NASDAQ: CRIS) announced the approval of inducement stock options on January 3, 2022, granting 224,700 shares to eleven new employees. The options have a 10-year term, with vesting over four years based on continued employment. Each grant's exercise price matches the stock's closing price on the grant date, incentivizing new hires as part of the company's growth strategy in cancer therapeutics. Curis focuses on innovating treatments, particularly in immuno-oncology, with several clinical trials underway for its drug candidates.

Positive

• Inducement stock options granted to 11 new employees fostering talent acquisition.
• Vesting schedule incentivizes employee retention and performance.

Negative

• None.

LEXINGTON, Mass., Jan. 7, 2022 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, today announced that on January 3, 2022, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 224,700 shares of Curis common stock to eleven new employees, with a grant date of January 3, 2022 (the "Q1 2022 Inducement Grants").

Each of the Q1 2022 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on January 3, 2022. Each stock option has a 10 year term and vests over four years, with 25% of the original number of shares underlying the award vesting on the first anniversary of the employee's date of hire and an additional 6.25% of the original number of shares underlying the award vesting on each successive three-month period thereafter, subject to the employee's continued service with the Company through the respective vesting dates.  Each stock option was granted as an inducement equity award outside of the Company's Fourth Amended and Restated 2010 Stock Incentive Plan and was made as an inducement material to the employee's acceptance of employment with the Company.

About Curis, Inc.

Curis is a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer. In 2015, Curis entered into a collaboration with Aurigene in the areas of immuno-oncology and precision oncology. As part of this collaboration, Curis has exclusive licenses to oral small molecule antagonists of immune checkpoints including the VISTA/PDL1 antagonist CA-170, and the TIM3/PDL1 antagonist CA-327, as well as the IRAK4 kinase inhibitor, CA-4948. CA-4948 is currently undergoing testing in a Phase 1/2 trial in patients with non-Hodgkin lymphoma both as a monotherapy and in combination with BTK inhibitor ibrutinib. Curis is also evaluating CA-4948 in a Phase 1/2 trial in patients with acute myeloid leukemia and myelodysplastic syndromes, for which it has received Orphan Drug Designation from the U.S. Food and Drug Administration. In addition, Curis is engaged in a collaboration with ImmuNext for development of CI-8993, a monoclonal anti-VISTA antibody, which is currently undergoing testing in a Phase 1 trial in patients with solid tumors. Curis is also party to a collaboration with Genentech, a member of the Roche Group, under which Genentech and Roche are commercializing Erivedge^® for the treatment of advanced basal cell carcinoma. For more information, visit Curis' website at www.curis.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/curis-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301456426.html

SOURCE Curis, Inc.

FAQ

What are the details of the stock options granted by Curis, Inc. on January 3, 2022?

Curis, Inc. granted 224,700 inducement stock options to eleven new employees on January 3, 2022, with an exercise price equal to the stock's closing price on that date. The options have a 10-year term and vest over four years.

How does the stock option grant affect Curis, Inc.'s employee retention?

The stock options have a vesting schedule that incentivizes employees to stay with the company, with 25% vesting after one year and 6.25% every three months thereafter.

What is the purpose of the inducement stock options granted by Curis, Inc.?

The inducement stock options were granted as a material incentive for new employees to accept employment, aiming to enhance the company's talent pool and drive growth in its cancer therapeutics.

What is the significance of Curis, Inc.'s focus on cancer therapeutics?

Curis, Inc. specializes in innovative cancer treatments, with ongoing clinical trials for several drug candidates, which is crucial for its market positioning and potential financial success.