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

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced that its Compensation Committee granted an equity inducement award to a new employee consisting of options to purchase 40,000 shares of common stock. This award, approved on June 13, 2022, was essential for the employee's acceptance of the role and complies 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 and will vest over four years, subject to continued employment. CTI BioPharma specializes in developing targeted therapies for blood-related cancers.

Positive

• Equity inducement award of options for 40,000 shares may enhance employee retention and motivation.
• The company's focus on blood-related cancer therapies potentially positions it for growth.

Negative

• None.

SEATTLE, June 14, 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 June 13, 2022, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employee received options to purchase 40,000 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 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, 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. 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 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 is the recent equity inducement award granted by CTI BioPharma?

CTI BioPharma granted an equity inducement award for options to purchase 40,000 shares to a new employee, approved on June 13, 2022.

What are the terms of the employee equity award at CTI BioPharma?

The options have an exercise price equal to the closing price on the grant date and will vest annually over four years.

How does the new equity award comply with Nasdaq rules?

The equity inducement award was granted in accordance with Nasdaq Listing Rule 5635(c)(4), ensuring compliance with regulations.