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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced on January 24, 2023, that its Compensation Committee has granted an equity inducement award to a new employee, which consists of options to purchase 22,000 shares of common stock. These options will have an exercise price equal to the stock's closing price on the grant date, January 23, 2023. One-fourth of the options will vest annually, contingent on continued employment. This award was made under Nasdaq Listing Rule 5635(c)(4). CTI BioPharma focuses on targeted therapies for blood-related cancers, with VONJO^® as its approved product for myelofibrosis, pending confirmatory trials.

Positive

• Equity inducement award granted to attract a new employee.
• Award consists of options to purchase 22,000 shares, potentially increasing employee motivation and retention.

Negative

• None.

SEATTLE, Jan. 24, 2023 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that an authorized subcommittee of the Compensation Committee of its Board of Directors granted an equity award to a new employee as an equity inducement award 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 employee's acceptance of employment with the company. The equity award was approved on January 23, 2023, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received options to purchase 22,000 shares of CTI BioPharma common stock. The options will be issued upon the employee's grant date (the "Grant Date"), and all stock options included within the equity inducement award will have an exercise price equal to the closing price of CTI BioPharma common stock on the 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 award did CTI BioPharma grant on January 24, 2023?

CTI BioPharma granted an equity inducement award consisting of options to purchase 22,000 shares of common stock.

What is the exercise price for the options granted by CTI BioPharma?

The exercise price for the options will equal the closing price of CTI BioPharma's stock on the grant date, which is January 23, 2023.

How will the options for CTI BioPharma's new employee vest?

One-fourth of the options will vest annually, contingent on the employee's continued employment.

What is VONJO^® and its indication?

VONJO^® is CTI BioPharma's FDA-approved product for treating myelofibrosis in adults with specific platelet counts.

What is the significance of the Nasdaq Listing Rule 5635(c)(4) for CTI BioPharma?

The rule allows CTI BioPharma to grant equity inducement awards to attract employees, facilitating recruitment.