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

Rhea-AI Summary

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on February 1, 2022, that its Compensation Committee granted non-qualified stock options for 135,000 shares to seven new non-executive employees. This grant follows the 2021 Inducement Plan to incentivize employees joining the company, in compliance with Nasdaq rules. The options have an exercise price of $18.84 per share, matching Crinetics' closing stock price on the grant date. Shares will vest over four years, contingent on continued employment.

Positive

• Stock options granted to induce hiring of new employees.
• Options priced at $18.84 per share, reflecting current market value.

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• None.

SAN DIEGO, Feb. 01, 2022 (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 February 1, 2022, the Compensation Committee of Crinetics’ Board of Directors granted non-qualified stock option awards to purchase an aggregate of 135,000 shares of its common stock to seven 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 $18.84 per share, which is equal to the closing price of Crinetics’ common stock on The Nasdaq Global Select Market on February 1, 2022. 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 rare endocrine diseases and endocrine-related tumors. The company’s lead product candidate, paltusotine, is an investigational, oral, selective nonpeptide somatostatin receptor type 2 biased agonist for the treatment of acromegaly, an orphan disease affecting more than 26,000 people in the United States. A Phase 3 clinical program in acromegaly with paltusotine is underway. Crinetics also plans to advance paltusotine into a Phase 2 trial for the treatment of carcinoid syndrome associated with neuroendocrine tumors. The company is also developing CRN04777, an investigational, oral, nonpeptide somatostatin receptor type 5 (SST5) agonist for congenital hyperinsulinism, as well as CRN04894, an investigational, oral, nonpeptide ACTH antagonist for the treatment of congenital adrenal hyperplasia, Cushing’s disease and other diseases of excess ACTH. All of the company’s drug candidates are new chemical entities resulting from in-house drug discovery efforts and are wholly owned by the company.

Contacts:
Marc Wilson
Chief Financial Officer
IR@crinetics.com
(858) 450-6464

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

Aline Sherwood
Scienta Communications
asherwood@scientapr.com
(312) 238-8957

 

FAQ

What recent action did Crinetics Pharmaceuticals take on February 1, 2022?

Crinetics Pharmaceuticals granted non-qualified stock options for 135,000 shares to seven new non-executive employees.

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

The exercise price of the stock options is $18.84 per share.

How long will it take for the stock options at Crinetics to vest?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remaining vesting in monthly installments.

What plan was used for the stock option grants at Crinetics?

The stock options were granted under the 2021 Employment Inducement Incentive Award Plan.