GBT Announces New Employment Inducement Grants

Rhea-AI Summary

Global Blood Therapeutics (GBT) announced the grant of stock options and restricted stock units to 22 new employees on July 1, 2022. The aggregate options cover 10,600 shares at an exercise price of $32.80, along with 76,600 restricted stock units. These awards were part of GBT's Amended and Restated 2017 Inducement Equity Plan, following NASDAQ Listing Rule 5635(c)(4). GBT focuses on developing treatments for sickle cell disease and has introduced the FDA-approved Oxbryta, among other pipeline projects.

Positive

• Granting of stock options and restricted stock units can attract and retain talent.
• Continued investment in human resources aligns with GBT's commitment to growth in the biopharmaceutical sector.

Negative

• The exercise price of $32.80 per share may be higher than current market value, limiting appeal.
• The issuance of stock options and restricted units could lead to shareholder dilution.

SOUTH SAN FRANCISCO, Calif., July 07, 2022 (GLOBE NEWSWIRE) -- Global Blood Therapeutics, Inc. (GBT) (NASDAQ: GBT) today announced that on July 1, 2022, the compensation committee of GBT’s board of directors granted 22 new employees options to purchase an aggregate of 10,600 shares of the company’s common stock with a per share exercise price of $32.80 and restricted stock units for an aggregate 76,600 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, starting with sickle cell disease (SCD). Founded in 2011, GBT is delivering on its goal to transform the treatment and care of SCD, a lifelong, devastating inherited blood disorder. The company has introduced Oxbryta^® (voxelotor), the first FDA-approved medicine that directly inhibits sickle hemoglobin (HbS) 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 Phase 3 development to address pain crises associated with the disease, and GBT021601 (GBT601), the company’s next generation HbS polymerization inhibitor. In addition, GBT’s drug discovery teams are working on new targets to develop the next generation 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 is the recent stock option grant by Global Blood Therapeutics (GBT)?

GBT granted stock options to 22 new employees, covering 10,600 shares at an exercise price of $32.80.

How many restricted stock units were granted by GBT?

GBT granted 76,600 restricted stock units to new employees.

What is the purpose of GBT's Amended and Restated 2017 Inducement Equity Plan?

The plan aims to provide stock-based incentives to attract and retain talented employees.

Which NASDAQ rule governs the stock option grants by GBT?

The grants were made in accordance with NASDAQ Listing Rule 5635(c)(4).

When was the stock option grant by GBT announced?

The announcement was made on July 7, 2022.