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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) has granted equity inducement awards to two new employees, totaling options to purchase 140,000 shares of common stock. Approved on September 20-21, 2022, these awards are crucial for the employees' acceptance of their roles and comply with Nasdaq Listing Rule 5635(c)(4). The options will have an exercise price equal to the stock's closing price on the grant date, vesting annually, contingent on continued employment. CTI is focused on developing therapies for blood-related cancers, with FDA-approved VONJO^® for certain myelofibrosis patients.

Positive

• Granting equity inducement awards to new employees can enhance employee retention and motivation.
• The issuance of options aligns employee interests with shareholder value.

Negative

• None.

SEATTLE, Sept. 21, 2022 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced the grant of 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 September 20, 2022 and September 21, 2022, respectively, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 140,000 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 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 awards did CTI BioPharma grant on September 21, 2022?

CTI BioPharma granted equity inducement awards totaling options to purchase 140,000 shares of common stock.

What is the significance of the equity awards granted by CTI BioPharma?

The equity awards are crucial for the new employees' acceptance of their roles, according to Nasdaq Listing Rule 5635(c)(4).

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

The exercise price for the options is equal to the closing price of CTI BioPharma's common stock on the grant date.

What is VONJO^® and its significance for CTI BioPharma?

VONJO^® is an FDA-approved product for treating certain myelofibrosis patients, marking a significant milestone for CTI BioPharma.