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

Rhea-AI Summary

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) announced the grant of stock options to purchase 41,700 shares of its common stock to eight new employees as part of their inducement for joining the company. The options, priced at $18.94 per share, were approved by the Compensation Committee on June 30, 2020, in compliance with Nasdaq Listing Rule 5635(c)(4). These options vest over four years with specific conditions regarding termination tied to a change in control event. Karyopharm is focused on developing innovative treatments for cancer and other major diseases.

Positive

• Grant of stock options to attract new talent enhances the workforce.
• Stock options priced at favorable market rate of $18.94 per share.

Negative

• None.

NEWTON, Mass., July 01, 2020 (GLOBE NEWSWIRE) -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), an innovation-driven pharmaceutical company, today announced that the Compensation Committee of Karyopharm’s Board of Directors granted stock options to purchase an aggregate of 41,700 shares of Karyopharm’s common stock to eight newly-hired employees, with a grant date of June 30, 2020.  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 $18.94 per share, the closing price of Karyopharm’s common stock on June 30, 2020. Each stock option vests over four years, with 25% of the original number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee’s employment commencement date and an additional 1/48th of the 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 an innovation-driven pharmaceutical company dedicated to the discovery, development, and commercialization of novel first-in-class drugs directed against nuclear export and related targets for the treatment of cancer and other major 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), received accelerated approval from the U.S. Food and Drug Administration (FDA) in July 2019 in combination with dexamethasone as a treatment for patients with heavily pretreated multiple myeloma. In June 2020, XPOVIO was approved by the FDA as a treatment for patients with relapsed or refractory diffuse large B-cell lymphoma. A Marketing Authorization Application for selinexor for patients with heavily pretreated multiple myeloma is also currently under review by the European Medicines Agency. 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.

Contact:
Karyopharm Therapeutics Inc.
Ian Karp
Vice President, Investor and Public Relations
857-297-2241 | ikarp@karyopharm.com 

FAQ

What was announced in Karyopharm's July 1, 2020 press release?

Karyopharm announced the granting of stock options to eight new employees to purchase 41,700 shares at $18.94 each as an inducement for their employment.

How does Karyopharm's stock option vesting work?

The stock options vest over four years, with 25% vesting on the one-year anniversary of employment and the remainder vesting monthly thereafter.

What is the significance of the stock options granted by Karyopharm?

The stock options help attract new talent, aligning employee incentives with the company's performance.

What is the exercise price for Karyopharm's stock options?

The exercise price for the stock options is $18.94 per share, the closing price on June 30, 2020.

What is Karyopharm Therapeutics focused on?

Karyopharm is focused on developing first-in-class drugs for the treatment of cancer and other major diseases targeting nuclear export.