Crinetics Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Crinetics Pharmaceuticals grants non-qualified stock options to new employees

Positive

• Crinetics Pharmaceuticals granted non-qualified stock option awards to purchase 619,100 shares of its common stock to eleven new non-executive employees.
• The options have an exercise price of $26.97 per share, equal to the closing price of Crinetics' common stock on October 10, 2023.
• The shares subject to the stock options will vest over four years.
• The options are subject to the terms and conditions of the 2021 Inducement Plan and a stock option agreement.

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• None.

SAN DIEGO, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX), a clinical stage pharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors, today announced that on October 10, 2023, the Compensation Committee of Crinetics’ Board of Directors granted non-qualified stock option awards to purchase an aggregate of 619,100 shares of its common stock to eleven new non-executive employees under the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The stock options were granted as inducements material to the employees entering into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).

The 2021 Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Crinetics, or following a bona fide period of non-employment, as an inducement material to such individuals’ entering into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4).

The options have an exercise price of $26.97 per share, which is equal to the closing price of Crinetics’ common stock on The Nasdaq Global Select Market on October 10, 2023. The shares subject to the stock options will vest over four years, with 25% of the shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter, subject to each employee’s continued employment with Crinetics on such vesting dates. The options are subject to the terms and conditions of the 2021 Inducement Plan and the terms and conditions of a stock option agreement covering the grant.

About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a clinical stage pharmaceutical company focused on the discovery, development, and commercialization of novel therapeutics for endocrine diseases and endocrine-related tumors. Paltusotine, an investigational, first-in-class, oral somatostatin receptor type 2 (SST2) agonist, is in Phase 3 clinical development for acromegaly and Phase 2 clinical development for carcinoid syndrome associated with neuroendocrine tumors. Crinetics has demonstrated pharmacologic proof-of-concept in a Phase 1 clinical study for CRN04894 a first-in-class, investigational, oral ACTH antagonist, that is currently in Phase 2 clinical studies for the treatment of Cushing’s disease and congenital adrenal hyperplasia. All of the Company’s drug candidates are orally delivered, small molecule new chemical entities resulting from in-house drug discovery efforts, including additional discovery programs addressing a variety of endocrine conditions such as hyperparathyroidism, polycystic kidney disease, Graves’ disease, thyroid eye disease, hyperinsulinism, diabetes and obesity.

Contacts:
Chas Schultz
Vice President of IR and Corporate Communications
cschultz@crinetics.com  
(858) 450-6464

Investors:
Corey Davis
LifeSci Advisors, LLC
cdavis@lifesciadvisors.com
(212) 915-2577

Media:
Jenn Gordon
Spectrum Science
jgordon@spectrumscience.com
(202) 957-7795

FAQ

What did Crinetics Pharmaceuticals announce?

Crinetics Pharmaceuticals announced the granting of non-qualified stock options to new employees.

How many shares of common stock were granted?

619,100 shares of common stock were granted.

What is the exercise price of the options?

The exercise price of the options is $26.97 per share.

How long will it take for the shares to vest?

The shares will vest over four years.

What are the conditions of the options?

The options are subject to the terms and conditions of the 2021 Inducement Plan and a stock option agreement.