Karyopharm Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) announced on August 2, 2021, that the Compensation Committee granted stock options to purchase 74,600 shares of common stock to 11 new employees. The options, with an exercise price of $8.33 per share, are part of the company's strategy to incentivize new hires. Each option vests over four years, with specific terms related to employment status and a potential 'change in control event.'

Karyopharm is focused on developing novel cancer therapies, including the approved drug XPOVIO (selinexor).

Positive

• Granting of stock options to incentivize new hires indicates company growth and recruitment efforts.
• Stock options highlight the company's commitment to attract talent in the pharmaceutical sector.

Negative

• The relatively low stock price of $8.33 may indicate potential challenges in the company's market performance.

NEWTON, Mass., Aug. 2, 2021 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced that the Compensation Committee of Karyopharm's Board of Directors granted stock options to purchase an aggregate of 74,600 shares of Karyopharm's common stock to 11 newly-hired employees, with a grant date of July 30, 2021. The stock options were granted as inducements material to the new employees entering into employment with Karyopharm in accordance with Nasdaq Listing Rule 5635(c)(4).

Each of the stock options has an exercise price of $8.33 per share, the closing price of Karyopharm's common stock on July 30, 2021. Each stock option vests over four years, with 25% of the total number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee's employment commencement date and 1/48th of the total number of shares vesting monthly thereafter, subject to the employee's continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each stock option will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a "change in control event," the employee's employment is terminated for "good reason" by the employee or terminated without "cause" by Karyopharm (as such terms are defined in the applicable stock option agreement).

About Karyopharm Therapeutics

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a commercial-stage pharmaceutical company pioneering novel cancer therapies and dedicated to the discovery, development, and commercialization of first-in-class drugs directed against nuclear export for the treatment of cancer and other diseases. Karyopharm's Selective Inhibitor of Nuclear Export (SINE) compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). Karyopharm's lead compound, XPOVIO^® (selinexor), is approved in the U.S. in multiple hematologic malignancy indications, including in combination with Velcade^® (bortezomib) and dexamethasone for the treatment of adult patients with multiple myeloma after at least one prior therapy, in combination with dexamethasone for the treatment of adult patients with heavily pretreated multiple myeloma and as a monotherapy for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma. NEXPOVIO^® (selinexor) has also been granted conditional marketing authorization in combination with dexamethasone for adult patients with heavily pretreated multiple myeloma by the European Commission. In addition to single-agent and combination activity against a variety of human cancers, SINE compounds have also shown biological activity in models of neurodegeneration, inflammation, autoimmune disease, certain viruses and wound-healing. Karyopharm has several investigational programs in clinical or preclinical development. For more information, please visit www.karyopharm.com.

XPOVIO^® and NEXPOVIO^® are registered trademarks of Karyopharm Therapeutics Inc. Any other trademarks referred to in this release are the property of their respective owners.

 

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SOURCE Karyopharm Therapeutics Inc.

FAQ

What stock options were granted by Karyopharm Therapeutics on August 2, 2021?

Karyopharm granted stock options to purchase 74,600 shares to 11 new employees.

What is the exercise price of Karyopharm's stock options granted?

The exercise price of the stock options is $8.33 per share.

How long does it take for Karyopharm's stock options to vest?

The stock options vest over four years, with 25% vesting after the first year.

What is the significance of the stock options granted under Nasdaq Rule 5635(c)(4)?

The options were granted to incentivize new employees as part of their employment terms.

What is Karyopharm's lead product?

Karyopharm's lead product is XPOVIO (selinexor), approved for multiple hematologic malignancies.