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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced on August 22, 2022, the granting of equity inducement awards to two new employees. This was done in compliance with Nasdaq Listing Rule 5635(c)(4). The employees received options to purchase a total of 40,000 shares of CTIC common stock, with an exercise price set at the closing price on their respective grant dates. Vesting occurs annually over four years, contingent on continued employment. CTI BioPharma is focused on targeted therapies for blood-related cancers and has one FDA-approved product, VONJO®.

Positive

• Equity inducement awards support talent acquisition.
• 40,000 shares granted, indicating company growth potential.

Negative

• None.

SEATTLE, Aug. 22, 2022 /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 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 August 22, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 40,000 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 commercial 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. CTI has one FDA-approved product, VONJO^® (pacritinib), a JAK2 and IRAK1 inhibitor, that spares JAK1. VONJO is approved for the treatment of adults with intermediate- or high-risk primary or secondary (post-polycythemia vera or post-essential thrombocythemia) myelofibrosis with a platelet count below 50 × 10⁹/L. This indication is approved under FDA accelerated approval based on spleen volume reduction. Continued approval for this indication may be contingent upon verification and description of clinical benefit in a confirmatory trial(s). CTI is conducting the Phase 3 PACIFICA study of VONJO in patients with myelofibrosis and severe thrombocytopenia as a post-marketing requirement.

VONJO^® is a registered trademark of CTI BioPharma Corp.

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

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SOURCE CTI BioPharma Corp.

FAQ

What equity inducement awards were granted by CTI BioPharma on August 22, 2022?

CTI BioPharma granted equity inducement awards for 40,000 shares to two new employees.

How does the Nasdaq Listing Rule 5635(c)(4) relate to CTI BioPharma's equity awards?

CTI BioPharma's equity awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

What is VONJO and its significance for CTI BioPharma?

VONJO® is an FDA-approved product for treating specific types of myelofibrosis, underscoring CTI BioPharma's focus on blood-related cancers.

What is the vesting schedule for the equity awards granted by CTI BioPharma?

The equity awards will vest one-fourth annually over four years, contingent upon the employees' continued employment.