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

Rhea-AI Summary

Curis, Inc. (NASDAQ: CRIS) announced on April 1, 2021, the grant of inducement stock options for 167,300 shares to five new employees. The options have a ten-year term, with an exercise price equal to the closing stock price on the grant date. Vesting occurs over four years, starting with 25% after one year. This grant is meant to incentivize new hires and is categorized as an inducement award outside the company’s existing stock plan. Curis focuses on cancer therapeutics and has collaborations with various partners for drug development.

Positive

• Inducement grants aim to attract and retain talent.
• Stock options granted provide potential future value if stock performs well.

Negative

• Stock options may dilute existing shareholders' equity.

LEXINGTON, Mass., April 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 April 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 167,300 shares of Curis common stock to five new employees, with a grant date of April 1, 2021 (the "Q2 2021 Inducement Grants").

Each of the Q2 2021 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on April 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 Third 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 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 trial in patients with acute myeloid leukemia and myelodysplastic syndromes. 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 1a/1b 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:http://www.prnewswire.com/news-releases/curis-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301263965.html

SOURCE Curis, Inc.

FAQ

What are the details of the stock options granted by Curis (CRIS) on April 1, 2021?

Curis granted inducement stock options to purchase 167,300 shares to five new employees, which vest over four years.

How do the inducement grants affect Curis (CRIS) shareholders?

The grant could dilute existing shareholders' equity due to new stock options being issued.

What is the exercise price of the stock options granted by Curis (CRIS)?

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

What is the purpose of the inducement grants for new employees at Curis (CRIS)?

These grants are designed to attract and incentivize new employees to join the company.