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

Rhea-AI Summary

On October 3, 2022, Curis, Inc. (NASDAQ: CRIS) announced the approval of inducement stock options for 121,650 shares to two new employees. These options have an exercise price equal to the stock's closing price on that date, a 10-year term, and vest over four years. This grant was made outside of the company's existing stock incentive plan as a material inducement for employment. Curis specializes in innovative cancer therapeutics, including partnerships for developing novel treatments like emavusertib, currently in clinical trials for hematologic malignancies.

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• None.

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• FDA placed a partial clinical hold on the TakeAim Leukemia trial, limiting new patient enrollment.

LEXINGTON, Mass., Oct. 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 October 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 121,650 shares of Curis common stock to two new employees, with a grant date of October 3, 2022 (the "Q4 2022 Inducement Grants").

Each of the Q4 2022 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on October 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, emavusertib (CA-4948). Emavusertib is currently undergoing testing in the Phase 1/2 TakeAim Lymphoma trial, in patients with hematologic malignancies, such as non-Hodgkin's lymphoma and other B cell malignancies, both as a monotherapy and in combination with BTK inhibitor ibrutinib, and the Phase 1/2 TakeAim Leukemia trial in patients with acute myeloid leukemia and myelodysplastic syndrome, for which it has received Orphan Drug Designation from the U.S. Food and Drug Administration. The FDA has placed a partial clinical hold on the TakeAim Leukemia trial during which no new patients will be enrolled in the combination phase (Phase 1b) of emavusertib with azacitidine or venetoclax and expansion phase (Phase 2a), and current study participants benefiting from treatment may continue to be treated with emavusertib at doses of 300mg BID or lower. 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's website at www.curis.com.

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SOURCE Curis, Inc.

FAQ

What stock options were approved by Curis on October 3, 2022?

Curis approved inducement stock options to purchase 121,650 shares of common stock for two new employees.

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

The exercise price per share is equal to the closing price of Curis common stock on October 3, 2022.

What is the duration of the stock options granted by Curis?

Each stock option has a 10-year term.

What is Curis's focus in the biotechnology sector?

Curis focuses on developing innovative therapeutics for cancer treatment.

What clinical trials is Curis currently involved in?

Curis is testing emavusertib in the Phase 1/2 TakeAim Lymphoma and Leukemia trials.

Why was there a partial clinical hold on Curis's TakeAim Leukemia trial?

The FDA placed a hold on enrolling new patients in the combination phase of the trial.