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

Rhea-AI Summary

Kura Oncology, Inc. granted inducement awards of nonstatutory stock options to two new employees, totaling 93,000 shares of common stock. The options have an exercise price of $21.59 per share and will vest over four years. This move aligns with the Company's commitment to precision medicines for cancer treatment.

SAN DIEGO, March 01, 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 March 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 93,000 shares of common stock to two (2) 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 $21.59 per share, the Company’s closing sales price on March 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). 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

How many shares of common stock were granted as inducement awards by Kura Oncology, Inc.?

Kura Oncology, Inc. granted 93,000 shares of common stock as inducement awards to two new employees.

What is the exercise price per share for the stock options granted by Kura Oncology, Inc.?

The exercise price per share for the stock options granted by Kura Oncology, Inc. is $21.59.

How long will it take for the stock options to vest?

The stock options 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 rest vesting monthly over 36 months.

Under which plan were the stock options granted by Kura Oncology, Inc.?

The stock options were granted under the Company's 2023 Inducement Option Plan.

What is the purpose of granting these stock options by Kura Oncology, Inc.?

The stock options were granted as inducement awards to new employees as part of their employment agreement.

What is the significance of the stock options granted by Kura Oncology, Inc.?

The stock options signify the Company's commitment to precision medicines for cancer treatment.