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

Rhea-AI Summary

Curis, Inc. (NASDAQ: CRIS) announced the grant of 873,750 inducement stock options to 16 new employees, effective July 5, 2022. Each option has an exercise price equal to the closing stock price on that date and vests over four years. This move aims to attract talent and is part of their strategy in developing innovative cancer therapeutics, including ongoing clinical trials for the IRAK4 inhibitor, emavusertib. Curis faces a partial clinical hold on its TakeAim trials, impacting new patient enrollment.

Positive

• Inducement of 873,750 stock options to attract new talent.
• Strategic planning to enhance workforce for cancer therapeutic development.

Negative

• Partial clinical hold on TakeAim trials, restricting new patient enrollment.
• Potential delays in clinical development for emavusertib due to hold.

LEXINGTON, Mass., July 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 July 5, 2022, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 873,750 shares of Curis common stock to sixteen new employees, with a grant date of July 5, 2022 (the "Q3 2022 Inducement Grants").

Each of the Q3 2022 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on July 5, 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 and TakeAim Lymphoma trials during which no new patients will be enrolled, 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 did Curis grant on July 5, 2022, for CRIS?

Curis granted 873,750 inducement stock options to sixteen new employees.

What is the significance of the inducement stock options for CRIS?

The inducement stock options aim to attract talent critical for enhancing their therapeutic development efforts.

Are there any clinical trials on hold for Curis as of July 2022?

Yes, there is a partial clinical hold on the TakeAim trials for emavusertib, affecting new patient enrollment.

What is the duration and vesting schedule for the stock options granted by Curis?

The options have a 10-year term and vest over four years.

What is the exercise price for the stock options granted on July 5, 2022?

The exercise price per share is equal to the closing price of Curis's common stock on July 5, 2022.