CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced the granting of an equity inducement award to a new employee on February 16, 2022. This award, outside of the Amended and Restated 2017 Equity Incentive Plan, is in accordance with Nasdaq Listing Rule 5635(c)(4). The employee received options for 12,000 shares of common stock, vesting 25% annually over four years, contingent on continued employment. The exercise price will match the stock’s closing price on the grant date. CTI BioPharma focuses on developing targeted therapies for blood-related cancers and is headquartered in Seattle.

Positive

• Granting of equity inducement awards to attract talent.
• Options vesting over time promotes employee retention.

Negative

• None.

SEATTLE, Feb. 18, 2022 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that an authorized subcommittee of the Compensation Committee of its Board of Directors granted an equity award to a new employee as an equity inducement award outside of the Company's Amended and Restated 2017 Equity Incentive Plan (but under the terms of the Amended and Restated 2017 Equity Incentive Plan) and material to the employee's acceptance of employment with the company. The equity award was approved on February 16, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received options to purchase 12,000 shares of CTI BioPharma common stock. The options will be issued upon the employee's grant date (the "Grant Date"), and all stock options included within the equity inducement award will have an exercise price equal to the closing price of CTI BioPharma common stock on the Grant Date. One-fourth of the options will vest on each anniversary of the employee's Grant Date, subject to the employee's continued employment with CTI BioPharma on such vesting dates. The options have a ten-year term.

About CTI BioPharma Corp.
We are a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies for blood-related cancers that offer a unique benefit to patients and their healthcare providers. We concentrate our efforts on treatments that target blood-related cancers where there is an unmet medical need. In particular, we are focused on developing and commercializing pacritinib, our product candidate currently in active late-stage development. We are headquartered in Seattle, Washington.

CTI BioPharma Investor Contacts:
Argot Partners
+212-600-1902
cti@argotpartners.com

 

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SOURCE CTI BioPharma Corp.

FAQ

What is the recent equity inducement award granted by CTI BioPharma?

CTI BioPharma granted an equity inducement award of options to purchase 12,000 shares to a new employee on February 16, 2022.

How will the options granted to the new employee vest?

The options will vest 25% each year on the anniversary of the grant date, contingent upon the employee's continued employment.

What is the significance of the Nasdaq Listing Rule 5635(c)(4) in this context?

The award was granted under Nasdaq Listing Rule 5635(c)(4), which allows companies to provide inducement awards to new employees outside of their existing equity incentive plans.

What is CTI BioPharma's main focus in the biopharmaceutical sector?

CTI BioPharma focuses on the development and commercialization of novel targeted therapies for blood-related cancers.