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 for 380,850 shares to seven new employees, effective April 1, 2022. Each option has an exercise price equal to the April 1 closing price and a 10-year term, vesting over four years. This move aims to attract talent critical to Curis's innovative cancer therapeutics development. Curis is also involved in several collaborations, testing new cancer treatments, although the FDA has placed a partial hold on one of its trials.

Positive

• Inducement grants aimed at attracting skilled employees.
• Long-term stock options with a 10-year term enhance employee retention.

Negative

• FDA imposed a partial clinical hold on emavusertib in a key trial.

LEXINGTON, Mass., April 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 April 1, 2022, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 380,850 shares of Curis common stock to seven new employees, with a grant date of April 1, 2022 (the "Q2 2022 Inducement Grants").

Each of the Q2 2022 Inducement Grants has an exercise price per share equal to the closing price of the Company's common stock on April 1, 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 non-Hodgkin's lymphoma both as a monotherapy and in combination with BTK inhibitor ibrutinib. The U.S. Food and Drug Administration ("FDA") has placed a partial clinical hold on Curis's evaluation of emavusertib in 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 FDA. 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 are the inducement stock options approved by Curis on April 1, 2022?

Curis approved the grant of 380,850 inducement stock options to seven new employees, effective April 1, 2022.

What is the exercise price of Curis's inducement stock options?

The exercise price for each option is equal to the closing price of Curis's common stock on April 1, 2022.

How long is the term for Curis's inducement stock options?

Each stock option has a term of 10 years.

What is the vesting schedule for the inducement stock options at Curis?

The options vest over four years, with 25% vesting on the first anniversary and 6.25% every three months thereafter.

What is the FDA's status on Curis's emavusertib trial?

The FDA has placed a partial clinical hold on Curis's emavusertib evaluation in the Phase 1/2 TakeAim Leukemia trial.