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

Rhea-AI Summary

On January 5, 2022, CTI BioPharma Corp. (NASDAQ: CTIC) granted an equity inducement award to a new employee, with options to purchase 22,000 shares of common stock. This grant complies with Nasdaq Listing Rule 5635(c)(4) and was crucial for the employee's acceptance of the position. The options will have an exercise price equal to the stock's closing price on the Grant Date and vest over four years, contingent upon continued employment. CTI BioPharma specializes in developing targeted therapies for blood-related cancers, notably focusing on pacritinib.

Positive

• Equity inducement award granted to attract a new employee.
• 22,000 options granted, potentially enhancing company talent.

Negative

• None.

SEATTLE, Jan. 6, 2022 /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 5, 2022, 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 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 is the significance of the equity inducement award granted by CTI BioPharma on January 5, 2022?

The equity inducement award is crucial for a new employee's acceptance, indicating CTI BioPharma's strategy to attract talent.

How many stock options did CTI BioPharma grant in the recent equity award?

CTI BioPharma granted 22,000 stock options to the new employee.

What is the vesting schedule for the stock options granted by CTI BioPharma?

The stock options will vest one-fourth each anniversary of the grant date, contingent on the employee's continued employment.

Under which Nasdaq rule did CTI BioPharma grant the equity inducement award?

The award was granted under Nasdaq Listing Rule 5635(c)(4).

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

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