CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
CTI BioPharma Corp. (NASDAQ: CTIC) announced on October 14, 2021, that its Compensation Committee granted an equity inducement award to a new employee, compliant with Nasdaq Listing Rule 5635(c)(4). The award consists of options to purchase 18,000 shares of common stock, with an exercise price equal to the closing price on the Grant Date. The options will vest over four years, contingent upon the employee’s continued employment. CTI focuses on developing targeted therapies for blood-related cancers, particularly myelofibrosis and severe COVID-19.
- Grant of equity inducement award to attract talent.
- Employee receives options for 18,000 shares, fostering potential alignment with shareholder interests.
- Long-term options vesting schedule may enhance employee retention.
- None.
SEATTLE, Oct. 14, 2021 /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 October 14, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).
The employee received options to purchase 18,000 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 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:https://www.prnewswire.com/news-releases/cti-biopharma-announces-inducement-grants-under-nasdaq-listing-rule-5635c4-301400626.html
SOURCE CTI BioPharma Corp.
FAQ
What is the equity inducement award announced by CTI BioPharma on October 14, 2021?
How many shares were included in CTI BioPharma's equity inducement award?
What is the vesting schedule for the equity inducement award options?
What is CTI BioPharma's focus area in biopharmaceuticals?
What is the significance of Nasdaq Listing Rule 5635(c)(4) in CTI BioPharma's equity award?
