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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced the granting of equity inducement awards to three new employees, totaling options to purchase 107,500 shares of common stock. Approved by the Compensation Committee on April 1, 2021, these awards are in accordance with Nasdaq Listing Rule 5635(c)(4). Each equity award will have an exercise price equal to the stock's closing price on the Grant Date and will vest over four years. CTI BioPharma focuses on developing targeted therapies for blood-related cancers, particularly myelofibrosis and severe COVID-19.

Positive

• Equity inducement awards granted to attract new talent, potentially strengthening the company's workforce.
• Total of 107,500 shares in options awarded, indicating confidence in the company's growth.
• Aligns with Nasdaq Listing Rule, ensuring compliance and good governance.

Negative

• None.

SEATTLE, April 2, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that the Compensation Committee of its Board of Directors granted equity awards to three 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 April 1, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 107,500 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

View original content to download multimedia:http://www.prnewswire.com/news-releases/cti-biopharma-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301261574.html

SOURCE CTI BioPharma Corp.

FAQ

What equity awards were granted by CTI BioPharma on April 1, 2021?

CTI BioPharma granted equity inducement awards totaling options to purchase 107,500 shares of common stock to three new employees.

Why did CTI BioPharma grant equity inducement awards?

The equity inducement awards were granted to new employees to facilitate their acceptance of employment with CTI BioPharma.

How will the equity awards at CTI BioPharma vest?

One-fourth of the options will vest on each anniversary of the Grant Date, contingent on the employee's continued employment.

What is the focus of CTI BioPharma's business?

CTI BioPharma develops targeted therapies for blood-related cancers, especially myelofibrosis and treatments for severe COVID-19.