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

Rhea-AI Summary

Cytokinetics (Nasdaq: CYTK) announced the grant of stock options for 87,600 shares to 13 new employees as a material inducement for their employment, effective January 31, 2023. The exercise price is set at $42.48, equivalent to the stock's closing price on the same day. The options will vest over four years, with a quarter vesting on the one-year anniversary and the remainder vesting monthly thereafter. This action complies with Nasdaq Listing Rule 5635(c)(4). Cytokinetics focuses on developing innovative muscle activators and inhibitors, with key products in late-stage clinical trials.

Positive

• Grant of stock options to 13 new employees, indicating company growth and talent acquisition.
• Stock options have a favorable exercise price at $42.48, matching the market closing price.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Feb. 01, 2023 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on January 31, 2023 it granted stock options to purchase an aggregate of 87,600 shares of common stock to 13 new employees, whose employment commenced in January 2023, as a material inducement to their employment.

The stock options that were granted are subject to an exercise price of $42.48 per share, which is equal to the closing price of the Company’s common stock on January 31, 2023, and will vest over 4 years, with 1/4^th of the shares underlying the employee’s option vesting on the one-year anniversary of the applicable vesting commencement date and the remaining shares thereafter vesting monthly at a rate of 1/48^th of the shares underlying each employee’s option over the subsequent 36 months, subject to the new employee’s continued service with the Company. Each stock option has a 10-year term and is subject to the terms and conditions of the Company's Amended and Restated 2004 Equity Incentive Plan and the stock option agreement pursuant to which the option was granted.

The options were granted as material inducements to employment in accordance with Nasdaq Listing Rule 5635(c)(4).

About Cytokinetics

Cytokinetics is a late-stage biopharmaceutical company focused on discovering, developing and commercializing first-in-class muscle activators and next-in-class muscle inhibitors as potential treatments for debilitating diseases in which muscle performance is compromised. As a leader in muscle biology and the mechanics of muscle performance, the company is developing small molecule drug candidates specifically engineered to impact muscle function and contractility. Cytokinetics is readying for the potential commercialization of omecamtiv mecarbil, its cardiac muscle activator, following positive results from GALACTIC-HF, a large, international Phase 3 clinical trial in patients with heart failure. Cytokinetics is also developing aficamten, a next-in-class cardiac myosin inhibitor, currently the subject of SEQUOIA-HCM, the Phase 3 clinical trial of aficamten in patients with symptomatic obstructive hypertrophic cardiomyopathy (HCM). Aficamten is also being evaluated in non-obstructive HCM in Cohort 4 of the Phase 2 clinical trial, REDWOOD-HCM. Cytokinetics is also developing reldesemtiv, an investigational fast skeletal muscle troponin activator, currently the subject of COURAGE-ALS, a Phase 3 clinical trial in patients with amyotrophic lateral sclerosis (ALS). In 2023, Cytokinetics is celebrating its 25-year history of pioneering innovation in muscle biology and related pharmacology focused to diseases of muscle dysfunction and conditions of muscle weakness.

For additional information about Cytokinetics, visit www.cytokinetics.com and follow us on Twitter, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"). Cytokinetics disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act's Safe Harbor for forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Cytokinetics' and its partners' research and development activities of Cytokinetics’ product candidates. Such statements are based on management's current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to the risks related to Cytokinetics' business outlined in Cytokinetics' filings with the Securities and Exchange Commission particularly under the caption “Risk Factors” in Cytokinetics’ latest Quarterly Report on Form 10-Q. Forward-looking statements are not guarantees of future performance, and Cytokinetics' actual results of operations, financial condition and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that Cytokinetics makes in this press release speak only as of the date of this press release. Cytokinetics assumes no obligation to update its forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

CYTOKINETICS® and the CYTOKINETICS and C-shaped logo are registered trademarks of Cytokinetics in the U.S. and certain other countries.

Contact:
Cytokinetics
Diane Weiser
Senior Vice President, Corporate Communications, Investor Relations
(415) 290-7757

FAQ

What stock options were granted by Cytokinetics on January 31, 2023?

Cytokinetics granted stock options to purchase 87,600 shares to 13 new employees.

What is the exercise price for the stock options granted by CYTK?

The exercise price for the stock options is $42.48 per share.

What is the vesting schedule for the stock options granted by Cytokinetics?

The options will vest over four years, with 1/4 vesting on the one-year anniversary and the remaining shares vesting monthly.

How does the stock options grant align with Nasdaq rules?

The options were granted as material inducements to employment according to Nasdaq Listing Rule 5635(c)(4).

What is Cytokinetics' focus in biopharmaceuticals?

Cytokinetics specializes in developing first-in-class muscle activators and next-in-class muscle inhibitors.