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

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CTI BioPharma Corp. (NASDAQ: CTIC) announced on June 23, 2021, that its Board of Directors' Compensation Committee granted equity inducement awards to two new employees, totaling options for 25,500 shares of common stock. The options' exercise price will match the closing price on the grant date, and they will vest annually over four years, contingent on continued employment. This move complies with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent in the biopharmaceutical sector focused on blood-related cancers and developing the drug pacritinib.

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  • Inducement grants of 25,500 stock options could attract skilled talent.
  • Compliance with Nasdaq rules enhances corporate governance credibility.
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SEATTLE, June 23, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that the Compensation Committee of its Board of Directors granted equity awards to two 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 June 23, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 25,500 shares of CTI BioPharma common stock. The options will be issued upon each employee's grant date (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 Contacts:
Maeve Conneighton/Maghan Meyers
+212-600-1902
cti@argotpartners.com

 

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SOURCE CTI BioPharma Corp.

FAQ

What equity awards were granted by CTI BioPharma on June 23, 2021?

CTI BioPharma granted equity inducement awards totaling options for 25,500 shares of common stock to two new employees.

What is the exercise price of the stock options granted by CTI BioPharma?

The exercise price of the stock options will equal the closing price of CTI BioPharma common stock on the respective grant date.

How will the stock options vest for new employees at CTI BioPharma?

The options will vest one-fourth annually on each anniversary of the grant date, contingent on the employees' continued employment.

What are the implications of the Nasdaq Listing Rule 5635(c)(4) for CTI BioPharma?

The awards granted comply with Nasdaq Listing Rule 5635(c)(4), which regulates equity inducement awards.

What is the focus of CTI BioPharma's business?

CTI BioPharma is focused on developing therapies for blood-related cancers, particularly the drug pacritinib.

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