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

Rhea-AI Summary

Karyopharm Therapeutics Inc. (Nasdaq: KPTI) announced stock options for 29,600 shares granted to seven new employees as part of a recruitment incentive, with an exercise price of $15.21 per share. The options vest over four years, with 25% vesting on the one-year anniversary of employment. Notably, these options will be immediately exercisable if employment is terminated for 'good reason' or without 'cause' within a year following a change in control. Karyopharm focuses on innovative cancer therapies, including its lead compound, XPOVIO, which has received FDA approval for multiple myeloma and lymphoma.

Positive

• Granting stock options may enhance employee retention and attraction of talent.
• Karyopharm's lead compound, XPOVIO, has received FDA approval for multiple indications, indicating successful product development.

Negative

• None.

NEWTON, Mass., Sept. 1, 2020 /PRNewswire/ -- 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 29,600 shares of Karyopharm's common stock to seven newly-hired employees, with a grant date of August 31, 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 $15.21 per share, the closing price of Karyopharm's common stock on August 31, 2020. 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), 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.

 

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SOURCE Karyopharm Therapeutics Inc.

FAQ

What recent stock options were granted by Karyopharm Therapeutics (KPTI)?

Karyopharm granted stock options for 29,600 shares to seven new employees with an exercise price of $15.21 per share.

When were the stock options granted to Karyopharm employees?

The stock options were granted on August 31, 2020.

What is the vesting schedule for the stock options at Karyopharm?

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

How does Karyopharm's stock option grant affect employee retention?

The stock option grant incentivizes new employees to remain with the company, potentially enhancing retention.

What is Karyopharm's lead drug and its approval status?

Karyopharm's lead drug, XPOVIO, has received FDA approval for treating multiple myeloma and lymphoma.