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

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) announced on February 1, 2021, that its Compensation Committee granted stock options for 165,500 shares to 31 new employees as an inducement for joining the company. The stock options have an exercise price of $15.23, equal to the closing stock price on January 29, 2021, and will vest over four years. They will be immediately exercisable under certain conditions related to employment termination. KPTI develops novel cancer therapies, with its lead drug, XPOVIO®, approved in various hematologic malignancy indications.

Positive

• Inducement grants of stock options totaling 165,500 shares to attract new talent.
• Stock options set at the closing price of $15.23, reflecting recent market valuation.
• Opportunity for employees to benefit from stock price appreciation over time.

Negative

• None.

NEWTON, Mass., Feb. 1, 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 165,500 shares of Karyopharm's common stock to 31 newly-hired employees, with a grant date of January 29, 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 $15.23 per share, the closing price of Karyopharm's common stock on January 29, 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 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), is approved in the U.S. in multiple hematologic malignancy indications, including in combination with Velcade® (bortezomib) and dexamethasone for the treatment of patients with multiple myeloma after at least one prior therapy, in combination with dexamethasone for the treatment of patients with heavily pretreated multiple myeloma and as a monotherapy for the treatment of patients with relapsed or refractory diffuse large B-cell lymphoma. A Marketing Authorization Application for NEXPOVIO® (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.

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SOURCE Karyopharm Therapeutics Inc.

FAQ

What is the purpose of Karyopharm Therapeutics' recent stock option grants?

The stock option grants are intended to incentivize and attract newly hired employees.

What is the exercise price for the stock options granted by Karyopharm?

The stock options have an exercise price of $15.23 per share.

What percentage of the stock options will vest after the first year?

25% of the total shares underlying the stock options will vest on the one-year anniversary of employment.

When was the stock option grant date for Karyopharm Therapeutics?

The stock option grant date was January 29, 2021.

What is Karyopharm Therapeutics known for?

Karyopharm is known for developing novel cancer therapies, particularly its lead compound XPOVIO®.