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

Rhea-AI Summary

Crinetics Pharmaceuticals (Nasdaq: CRNX) announced on March 10, 2022, that its Compensation Committee granted stock options to purchase 121,500 shares to five new non-executive employees. This award is part of the 2021 Employment Inducement Incentive Award Plan, aimed at attracting talent. The options have an exercise price of $19.73 per share, representing the closing price on the grant date, and will vest over four years. The company specializes in developing therapeutics for rare endocrine diseases, including paltusotine for acromegaly, with ongoing clinical trials.

Positive

• Granting of stock options indicates successful talent acquisition efforts.
• The options align employee incentives with company performance, potentially enhancing productivity.

Negative

• None.

SAN DIEGO, March 10, 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 March 10, 2022, the Compensation Committee of Crinetics’ Board of Directors granted non-qualified stock option awards to purchase an aggregate of 121,500 shares of its common stock to five 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 $19.73 per share, which is equal to the closing price of Crinetics’ common stock on The Nasdaq Global Select Market on March 10, 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.

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 was announced by Crinetics Pharmaceuticals on March 10, 2022?

Crinetics announced the granting of stock options to five new non-executive employees.

How many shares were granted to employees under the 2021 Inducement Plan?

A total of 121,500 shares were granted.

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

The exercise price is $19.73 per share.

What is the purpose of the 2021 Inducement Plan at Crinetics?

The plan is designed to grant equity awards to attract new employees.

What does Crinetics Pharmaceuticals focus on?

Crinetics focuses on developing therapeutics for rare endocrine diseases and related tumors.