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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced equity inducement awards for 17 new employees, totaling options for 306,000 shares. This was done in accordance with Nasdaq Listing Rule 5635(c)(4) on September 8, 2021. The options will have an exercise price corresponding to the stock's closing price on each employee's Grant Date and will vest over four years. CTI BioPharma focuses on developing targeted therapies for blood-related cancers, particularly myelofibrosis, and is also developing its candidate pacritinib for severe COVID-19 patients.

Positive

• Equity inducement awards to 17 new employees can enhance recruitment and retention of talent.
• Options totaling 306,000 shares may align employee interests with company performance.

Negative

• None.

SEATTLE, Sept. 8, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that an authorized subcommittee of the Compensation Committee of its Board of Directors granted equity awards to seventeen new employees as equity inducement awards 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 employees' acceptance of employment with the company. The equity awards were approved on September 8, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 306,000 shares of CTI BioPharma common stock. The options will be issued upon each employee's commencement of employment (the "Grant Date"), and all stock options included within the equity inducement awards will have an exercise price equal to the closing price of CTI BioPharma common stock on each respective 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  Contact:
Maghan Meyers
+212-600-1902
cti@argotpartners.com

 

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SOURCE CTI BioPharma Corp.

FAQ

What equity awards did CTI BioPharma announce on September 8, 2021?

CTI BioPharma announced equity inducement awards totaling options for 306,000 shares to 17 new employees.

How do the equity inducement awards at CTI BioPharma work?

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

What is the focus of CTI BioPharma?

CTI BioPharma focuses on developing targeted therapies for blood-related cancers, primarily myelofibrosis.

What is CTI BioPharma's sole product candidate?

CTI BioPharma's sole product candidate currently in late-stage development is pacritinib.