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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced equity inducement awards for two new employees on July 23, 2021, as per Nasdaq Listing Rule 5635(c)(4). The awards consist of options to purchase 68,000 shares of common stock, set at the closing price on each employee's Grant Date. The options will vest annually over four years, contingent on the employees' continued employment. CTI BioPharma focuses on developing therapies for blood-related cancers, particularly myelofibrosis, and has started evaluating pacritinib for severe COVID-19 cases.

Positive

• Equity inducement awards could enhance employee retention and motivation.
• Continued focus on developing targeted therapies for unmet medical needs in blood-related cancers.

Negative

• None.

SEATTLE, July 26, 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 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 July 23, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 68,000 shares of CTI BioPharma common stock. The options will be issued upon each employee's commencement of employment (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 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 new equity awards did CTI BioPharma announce on July 23, 2021?

CTI BioPharma announced equity inducement awards for two new employees, granting options to purchase a total of 68,000 shares of common stock.

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

The awards are material to the new employees' acceptance of employment, enhancing retention and motivation.

Under which Nasdaq rule did CTI BioPharma grant the equity awards?

The equity awards were granted in accordance with Nasdaq Listing Rule 5635(c)(4).

What is the vesting schedule for the stock options granted to CTI BioPharma's new employees?

One-fourth of the options will vest on each anniversary of the Grant Date, subject to continued employment.