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

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Curis, Inc. (NASDAQ: CRIS) announced on July 1, 2021, the approval of inducement stock options for 259,550 shares to fifteen new employees. These stock options have an exercise price equal to the closing price on the grant date, vesting over four years. Curis develops cancer therapeutics, including collaborations on various treatments such as the IRAK4 inhibitor CA-4948, currently in clinical trials. This grant is intended to incentivize new hires and enhance employee retention.

LEXINGTON, Mass., July 7, 2021 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, today announced that on July 1, 2021, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 259,550 shares of Curis common stock to fifteen new employees, with a grant date of July 1, 2021 (the "Q3 2021 Inducement Grants").

Each of the Q3 2021 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on July 1, 2021. 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.

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SOURCE Curis, Inc.

FAQ

What was announced by Curis on July 1, 2021?

Curis announced the approval of inducement stock options for 259,550 shares to fifteen new employees.

How long is the vesting period for the stock options granted by Curis?

The stock options vest over four years.

What is the exercise price for the stock options granted to new employees at Curis?

The exercise price is equal to the closing price of Curis common stock on July 1, 2021.

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

The inducement stock options are intended to incentivize new hires and enhance employee retention.

What is Curis, Inc. focused on developing?

Curis, Inc. is focused on developing innovative therapeutics for the treatment of cancer.