STOCK TITAN

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

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) announced the grant of stock options for 55,300 shares to seven new employees as an inducement for joining the company. The options have an exercise price of $9.34, based on the stock's closing price on April 30, 2021. Each option vests over four years, with the first 25% vesting after one year. These options may be fully exercised if employment is terminated for 'good reason' or without 'cause' within one year of a change in control event. Karyopharm focuses on developing novel cancer therapies, including its lead drug, XPOVIO®.

Positive
  • Grant of stock options indicates strong commitment to new hires.
  • Stock options priced attractively at $9.34 based on the recent closing price.
Negative
  • None.

NEWTON, Mass., May 4, 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 55,300 shares of Karyopharm's common stock to seven newly-hired employees, with a grant date of April 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 $9.34 per share, the closing price of Karyopharm's common stock on April 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.

Cision View original content:http://www.prnewswire.com/news-releases/karyopharm-therapeutics-reports-inducement-grants-under-nasdaq-listing-rule-5635c4-301283024.html

SOURCE Karyopharm Therapeutics Inc.

FAQ

What stock options were granted by Karyopharm Therapeutics on May 4, 2021?

Karyopharm granted stock options to purchase 55,300 shares to seven new employees at an exercise price of $9.34.

What is the vesting schedule for Karyopharm's stock options?

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

How does a change in control affect Karyopharm's stock options?

If employment is terminated for 'good reason' or without 'cause' within one year of a change in control event, the options may be exercised in full.

What is Karyopharm Therapeutics known for?

Karyopharm is a pharmaceutical company specializing in novel cancer therapies, including its approved drug XPOVIO®.

Karyopharm Therapeutics Inc.

NASDAQ:KPTI

KPTI Rankings

KPTI Latest News

KPTI Stock Data

107.73M
117.49M
6.15%
50.01%
14.12%
Biotechnology
Pharmaceutical Preparations
Link
United States of America
NEWTON