GBT Announces New Employment Inducement Grants

Rhea-AI Summary

Global Blood Therapeutics (GBT) has granted stock options and restricted stock units to 11 new employees, as reported on June 1, 2021. The company awarded options to purchase 35,500 shares at $37.20 each and 45,410 restricted stock units under its Amended and Restated 2017 Inducement Equity Plan. These incentives were made as a material inducement for employees joining the company, in compliance with NASDAQ Listing Rule 5635(c)(4). GBT is focused on developing treatments for sickle cell disease, having launched Oxbryta, the first FDA-approved treatment for this condition.

Positive

• Granting of stock options and restricted stock units may attract and retain talent.
• The compensation strategy aligns with NASDAQ rules, enhancing corporate governance.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., June 04, 2021 (GLOBE NEWSWIRE) -- Global Blood Therapeutics, Inc. (GBT) (NASDAQ: GBT) today announced that on June 1, 2021, the compensation committee of GBT’s board of directors granted 11 new employees options to purchase an aggregate of 35,500 shares of the company’s common stock with a per share exercise price of $37.20 and restricted stock units for an aggregate of 45,410 shares of the company’s common stock. These awards were made under GBT’s Amended and Restated 2017 Inducement Equity Plan (the Plan).

The above-described awards were each granted as an inducement material to the employees entering into employment with the company in accordance with NASDAQ Listing Rule 5635(c)(4), and were granted pursuant to the terms of the Plan. The Plan was adopted by GBT’s board of directors in January 2017 and has been amended and restated from time to time.

About Global Blood Therapeutics
Global Blood Therapeutics (GBT) is a biopharmaceutical company dedicated to the discovery, development, and delivery of life-changing treatments that provide hope to underserved patient communities. Founded in 2011, GBT is delivering on its goal to transform the treatment and care of sickle cell disease (SCD), a lifelong, devastating inherited blood disorder. The company has introduced Oxbryta^® (voxelotor) tablets, the first FDA-approved treatment that directly inhibits sickle hemoglobin polymerization, the root cause of red blood cell sickling in SCD. GBT is also advancing its pipeline program in SCD with inclacumab, a P-selectin inhibitor in development to address pain crises associated with the disease, and GBT021601 (GBT601), the company’s next generation hemoglobin S polymerization inhibitor. In addition, GBT’s drug discovery teams are working on new targets to develop the next wave of treatments for SCD. To learn more, please visit www.gbt.com and follow the company on Twitter @GBT_news.

Contact:
Steven Immergut (media)
650-410-3258
simmergut@gbt.com

Courtney Roberts (investors)
650-351-7881
croberts@gbt.com

FAQ

What stock options were granted by GBT on June 1, 2021?

GBT granted options to purchase 35,500 shares at $37.20 each, and restricted stock units for 45,410 shares.

What is the purpose of the stock awards given by GBT?

The awards were granted as an inducement for new employees entering the company.

What does GBT focus on in its business operations?

GBT focuses on developing treatments for sickle cell disease, including its FDA-approved drug Oxbryta.

What equity plan did GBT use for the stock options granted?

The stock options were granted under GBT’s Amended and Restated 2017 Inducement Equity Plan.

How does GBT comply with NASDAQ regulations regarding stock options?

GBT's stock awards comply with NASDAQ Listing Rule 5635(c)(4), which allows inducement grants to new employees.