GBT Announces New Employment Inducement Grants

Rhea-AI Summary

Global Blood Therapeutics (GBT) announced the grant of 22 new employees restricted stock units totaling 54,750 shares under the Amended and Restated 2017 Inducement Equity Plan. The awards were issued on October 1, 2021, as an inducement for new hires, in compliance with NASDAQ Listing Rule 5635(c)(4). GBT aims to transform sickle cell disease treatment, with products including Oxbryta and ongoing development projects like inclacumab and GBT021601. The company is committed to advancing its pipeline for underserved patient communities.

Positive

• Granting of 54,750 shares in restricted stock units enhances employee retention and aligns interests with shareholders.
• Oxbryta is the first FDA-approved treatment directly targeting sickle hemoglobin polymerization.
• Advancement of clinical pipeline including Phase 3 development of inclacumab for sickle cell pain crises.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Oct. 07, 2021 (GLOBE NEWSWIRE) -- Global Blood Therapeutics, Inc. (GBT) (NASDAQ: GBT) today announced that on October 1, 2021, the compensation committee of GBT’s board of directors granted 22 new employees restricted stock units for an aggregate of 54,750 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 Phase 3 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 potential 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 significance of the restricted stock units granted by GBT?

The restricted stock units aim to attract and retain talent, aligning employee interests with shareholder value.

What is GBT's recent development in sickle cell disease treatment?

GBT has developed Oxbryta, the first FDA-approved treatment for sickle cell disease, and is advancing inclacumab in Phase 3 trials.

When were the restricted stock units granted by GBT?

The restricted stock units were granted on October 1, 2021.

How many shares were included in the stock unit grant by GBT?

A total of 54,750 shares were granted in the form of restricted stock units.

What does NASDAQ Listing Rule 5635(c)(4) entail?

This rule allows companies to issue stock options or awards as an inducement for new employees to join the company.