CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CTI BioPharma Corp. (NASDAQ: CTIC) announced on September 17, 2021, that it granted equity inducement awards to 25 new employees, essential for their employment acceptance. The total equity awards include options to purchase 450,000 shares of common stock. These options will have an exercise price equal to the stock's closing price on the respective Grant Dates and will vest over four years, contingent on continued employment. The company focuses on developing therapies for blood-related cancers, particularly myelofibrosis, and is exploring treatments for COVID-19 complications.
- Equity inducement awards granted to 25 new employees.
- Total of 450,000 shares options issued, enhancing employee retention.
- None.
SEATTLE, Sept. 17, 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 twenty-five 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 17, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).
The employees received options to purchase an aggregate of 450,000 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.
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