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 July 8, 2021. The award, approved by an authorized subcommittee of the Board of Directors, includes options to purchase 12,000 shares of common stock. The options will have an exercise price equal to the closing price on the Grant Date and will vest over four years, contingent on the employee's continued employment. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and reflects the company's commitment to attracting key talent.

Positive

• Equity inducement award granted to enhance employee recruitment.
• Options for 12,000 shares may incentivize employee performance.

Negative

• None.

SEATTLE, July 8, 2021 /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 July 8, 2021, 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 evaluating pacritinib, our sole product candidate currently in active late-stage development, for the treatment of adult patients with myelofibrosis. In addition, we have recently started developing pacritinib for use in hospitalized patients with severe COVID-19, in response to the COVID-19 pandemic. We are headquartered in Seattle, Washington.

CTI BioPharma Investor Contacts:
Maeve Conneighton/Maghan Meyers
+212-600-1902
cti@argotpartners.com 

 

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SOURCE CTI BioPharma Corp.

FAQ

What is the recent equity award granted by CTI BioPharma?

CTI BioPharma granted an equity inducement award for 12,000 stock options to a new employee on July 8, 2021.

How does the equity inducement award work at CTI BioPharma?

The options will have an exercise price equal to the closing stock price on the Grant Date and vest over four years.

What are the terms of the stock options granted to the new employee at CTI BioPharma?

The options will vest quarterly over four years, subject to the employee's continuous employment.

Why did CTI BioPharma issue an equity inducement award?

The award was material to the new employee's acceptance of employment and aligns with Nasdaq regulations.