Kura Oncology Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Kura Oncology announces granting of inducement awards to new employees under the 2023 Inducement Option Plan, consisting of nonstatutory stock options to purchase 49,500 shares of common stock, with an exercise price of $21.82 per share.

SAN DIEGO, April 05, 2024 (GLOBE NEWSWIRE) -- Kura Oncology, Inc. (the “Company”) (Nasdaq: KURA), a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer, today announced that on April 1, 2024, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) granted inducement awards consisting of nonstatutory stock options to purchase 49,500 shares of common stock to four (4) new employees under the Company’s 2023 Inducement Option Plan. The Compensation Committee approved the stock options as an inducement material to such employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $21.82 per share, the Company’s closing sales price on April 1, 2024, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with the Company through the applicable vesting dates. The stock options are subject to the terms and conditions of the Company’s 2023 Inducement Option Plan and the terms and conditions of an applicable stock option agreement covering the grant.

About Kura Oncology

Kura Oncology is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. The Company’s pipeline consists of small molecule drug candidates that target cancer signaling pathways. Ziftomenib is a once-daily, oral drug candidate targeting the menin-KMT2A protein-protein interaction for the treatment of genetically defined AML patients with high unmet need. Kura is currently enrolling patients in a Phase 2 registration-directed trial of ziftomenib in NPM1-m R/R AML (KOMET-001). The Company is also conducting a series of studies to evaluate ziftomenib in combination with current standards of care, beginning with ven/aza and 7+3 in NPM1-m and KMT2A-r newly diagnosed and R/R AML (KOMET-007) and with the FLT3 inhibitor gilteritinib, FLAG-IDA or LDAC in NPM1-m and KMT2A-r R/R AML (KOMET-008). Tipifarnib, a potent and selective FTI, is currently in a Phase 1/2 trial in combination with alpelisib for patients with PIK3CA-dependent HNSCC (KURRENT-HN). Kura is also evaluating KO-2806, a next-generation FTI, in a Phase 1 dose-escalation trial as a monotherapy and in combination with cabozantinib in ccRCC and with adagrasib in KRAS^G12C-mutated NSCLC (FIT-001). For additional information, please visit Kura’s website at www.kuraoncology.com and follow us on X and LinkedIn.

Contacts

Investors:
Pete De Spain
Executive Vice President, Investor Relations &
Corporate Communications
(858) 500-8833
pete@kuraoncology.com

Media:
Alexandra Weingarten
Associate Director, Corporate Communications &
Investor Relations
(858) 500-8822
alexandra@kuraoncology.com

FAQ

What did Kura Oncology announce regarding new employees?

Kura Oncology announced the granting of inducement awards to new employees under the 2023 Inducement Option Plan.

How many shares of common stock can the new employees purchase?

The new employees can purchase 49,500 shares of common stock.

What is the exercise price per share for the stock options?

The exercise price per share for the stock options is $21.82.

How will the stock options vest?

The stock options will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary and the balance vesting monthly over 36 months, subject to the new employees' continued service relationship.

Under which rule were the stock options approved as an inducement?

The stock options were approved as an inducement material to the employees' employment in accordance with Nasdaq Listing Rule 5635(c)(4).