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

Rhea-AI Summary

On February 10, 2021, CTI BioPharma Corp. (NASDAQ: CTIC) announced the granting of equity inducement awards to two new employees. This was done under Nasdaq Listing Rule 5635(c)(4) outside the company's Amended and Restated 2017 Equity Incentive Plan. The employees received options to purchase 160,000 shares of common stock at an exercise price of $3.45, equal to the stock's closing price on the grant date. The options will vest over four years and have a term of ten years.

Positive

• Equity inducement awards granted to new employees may enhance recruitment efforts.
• Options granted are aligned with the company's stock performance, promoting employee interests.

Negative

• None.

SEATTLE, Feb. 10, 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 with a grant date of February 10, 2021, 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 February 10, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 160,000 shares of CTI BioPharma common stock. The options have an exercise price of $3.45, which is equal to the closing price of CTI BioPharma common stock on February 10, 2021, the grant date of the awards. One-fourth of the options will vest on each anniversary of the employee's date of hire, 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 is the stock symbol for CTI BioPharma?

The stock symbol for CTI BioPharma is CTIC.

What equity awards did CTI BioPharma announce on February 10, 2021?

CTI BioPharma announced equity inducement awards for two new employees, totaling 160,000 shares at an exercise price of $3.45.

What is the vesting period for the equity options granted by CTI BioPharma?

The equity options vest one-fourth annually over four years, contingent on continued employment.

Under what rule did CTI BioPharma grant equity awards?

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

How long do the equity options granted by CTI BioPharma last?

The options have a term of ten years.