CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CTI BioPharma Corp. (NASDAQ: CTIC) announced equity inducement awards for two new employees, totaling 90,000 options to purchase shares. Approved on May 12, 2021, these awards comply with Nasdaq Listing Rule 5635(c)(4). The options will be granted at the employees' respective Grant Dates, with an exercise price equal to the closing stock price of CTIC on that date. Vesting occurs annually, with a total term of ten years. CTI focuses on developing targeted therapies for blood-related cancers, notably pacritinib, currently evaluated for myelofibrosis and severe COVID-19 treatment.
- Equity inducement awards can attract talent to the company.
- Focus on developing pacritinib for unmet medical needs in blood-related cancers.
- Expansion of pacritinib's application for treating severe COVID-19.
- None.
SEATTLE, May 12, 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 May 12, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).
The employees received options to purchase an aggregate of 90,000 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 Contacts:
Maeve Conneighton/Maghan Meyers
+212-600-1902
cti@argotpartners.com
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SOURCE CTI BioPharma Corp.
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