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

Rhea-AI Summary

Cytokinetics (Nasdaq: CYTK) announced on November 30, 2020, the grant of stock options for 62,850 shares to six new employees as an inducement to join the company. The options have an exercise price of $16.80 per share, equal to the closing stock price on that day. Vested over four years, the options will vest 25% annually, with the remainder vesting monthly. This grant complies with Nasdaq Listing Rule 5635(c)(4). Cytokinetics focuses on developing treatments for muscle performance issues, including ongoing Phase 3 and 2 clinical trials for its drug candidates.

Positive

• Cytokinetics granted stock options to six new employees, signaling a commitment to expanding its workforce.
• The options were granted at the market price of $16.80, aligning employee interests with shareholder value.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Dec. 01, 2020 (GLOBE NEWSWIRE) -- Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on November 30, 2020 it granted stock options to purchase an aggregate of 62,850 shares of common stock to six new employees whose employment commenced in November 2020 as a material inducement to their employment. The grant was previously approved by the Compensation and Talent Committee of Cytokinetics’ Board of Directors under the company’s Amended and Restated 2004 Equity Incentive Plan.

The stock options that were granted are subject to an exercise price of $16.80 per share, which is equal to the closing price of the Company’s common stock on November 30, 2020, 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 each such 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 and/or declining. 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 preparing for regulatory interactions for omecamtiv mecarbil, its novel cardiac muscle activator, following positive results from GALACTIC-HF, a large, international Phase 3 clinical trial in patients with heart failure. Cytokinetics is conducting METEORIC-HF, a second Phase 3 clinical trial of omecamtiv mecarbil. Cytokinetics is also developing CK-274, a next- generation cardiac myosin inhibitor, for the potential treatment of hypertrophic cardiomyopathies (HCM). Cytokinetics is conducting REDWOOD-HCM, a Phase 2 clinical trial of CK-274 in patients with obstructive HCM. Cytokinetics is also developing reldesemtiv, a fast skeletal muscle troponin activator for the potential treatment of ALS and other neuromuscular indications following conduct of FORTITUDE-ALS and other Phase 2 clinical trials. The company is considering potential advancement of reldesemtiv to Phase 3 pending ongoing regulatory interactions. Cytokinetics continues its over 20-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. 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.

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

FAQ

What is the significance of the stock options granted by Cytokinetics on November 30, 2020?

The stock options granted to six new employees serve as an inducement for their employment, aligning their incentives with the company's performance.

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

The exercise price of the stock options is $16.80 per share, reflecting the closing stock price on November 30, 2020.

How will the stock options granted by Cytokinetics vest?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remaining shares vesting monthly thereafter.

What is Cytokinetics' focus in the biopharmaceutical industry?

Cytokinetics is focused on developing treatments for muscle performance issues, including several ongoing clinical trials for its drug candidates.