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

Rhea-AI Summary

Cytokinetics, Incorporated (Nasdaq: CYTK) announced the grant of stock options to purchase 57,600 shares to four new employees as an inducement to their employment. The exercise price is set at $35.19 per share, equal to the company's closing stock price on March 31, 2023. The options will vest over four years, with a quarter vesting after one year and the rest monthly over the next three years, contingent on continued employment. This grant complies with Nasdaq Listing Rule 5635(c)(4). Cytokinetics specializes in developing drug candidates that enhance muscle performance to combat diseases associated with muscle dysfunction.

Positive

• Cytokinetics granted stock options to new employees, potentially enhancing employee retention.
• The exercise price of $35.19 aligns with the market price, making the options attractive.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., April 03, 2023 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on March 31, 2023 it granted stock options to purchase an aggregate of 57,600 shares of common stock to 4 new employees, whose employment commenced in March 2023, as a material inducement to their employment.

The stock options that were granted are subject to an exercise price of $35.19 per share, which is equal to the closing price of the Company’s common stock on March 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 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 and the company plans to begin a Phase 3 trial later this year. Cytokinetics is also developing omecamtiv mecarbil, a cardiac muscle activator in patients with heart failure. 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 March 31, 2023?

Cytokinetics granted stock options to purchase 57,600 shares to four new employees.

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

The exercise price for the stock options is set at $35.19 per share.

How long will the stock options vest for new employees at Cytokinetics?

The stock options will vest over four years, with 1/4 vesting after one year and the remainder vesting monthly over the following 36 months.

What is the significance of the stock options grant by Cytokinetics?

The grant serves as a material inducement to employment and is in compliance with Nasdaq Listing Rule 5635(c)(4).