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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced that its Compensation Committee granted equity inducement awards to nine new employees on November 26, 2021. These awards, totaling 162,000 options to purchase common stock, are part of the company's strategy to attract talent. The options will be issued at the closing price on the Grant Date and will vest over four years. CTI BioPharma focuses on developing targeted therapies for blood-related cancers, particularly its candidate pacritinib, which is currently in late-stage development.

Positive

• Equity inducement awards to nine new employees enhance talent acquisition.
• 162,000 options granted signify a commitment to employee retention and motivation.
• Focus on blood-related cancers addresses a critical unmet medical need.

Negative

• None.

SEATTLE, Nov. 29, 2021 /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 nine 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 November 26, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 162,000 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 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 developing and commercializing pacritinib, our product candidate currently in active late-stage development. We are headquartered in Seattle, Washington.

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

 

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SOURCE CTI BioPharma Corp.

FAQ

What equity awards did CTI BioPharma grant on November 26, 2021?

CTI BioPharma granted equity inducement awards totaling 162,000 options for common stock to nine new employees.

How do the stock options granted by CTI BioPharma vest?

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

What is the purpose of the equity inducement awards by CTI BioPharma?

The awards aim to attract and retain new talent, supporting the company's growth and development.

What is CTI BioPharma's focus in the biopharmaceutical industry?

CTI BioPharma focuses on developing targeted therapies for blood-related cancers, particularly pacritinib.