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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced that its Board of Directors has granted equity inducement awards to two new employees, totaling 80,000 options to purchase common stock. These awards were approved on April 21, 2021, in compliance with Nasdaq Listing Rule 5635(c)(4). The options will have an exercise price equal to the stock's closing price on each Grant Date and will vest over four years, contingent on continued employment. CTI BioPharma is focused on developing therapies for blood-related cancers, particularly myelofibrosis and severe COVID-19.

Positive

• Grant of 80,000 stock options to new employees may enhance talent acquisition and retention.
• Options vest over four years, promoting employee commitment.

Negative

• None.

SEATTLE, April 21, 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 April 21, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 80,000 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.

FAQ

What did CTI BioPharma announce on April 21, 2021?

CTI BioPharma announced equity inducement awards for two new employees, granting a total of 80,000 options to purchase common stock.

How many shares were granted as equity inducement awards by CTI BioPharma?

CTI BioPharma granted 80,000 options to purchase shares as equity inducement awards.

What is the vesting schedule for the equity inducement awards at CTI BioPharma?

The options will vest one-fourth each year on the anniversary of the Grant Date, dependent on continued employment.

Under what rule were the equity awards granted by CTI BioPharma?

The equity awards were granted under Nasdaq Listing Rule 5635(c)(4).

What focus areas does CTI BioPharma prioritize?

CTI BioPharma focuses on developing treatments for blood-related cancers, particularly myelofibrosis and severe COVID-19.