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

Rhea-AI Summary

Kura Oncology, Inc. (Nasdaq: KURA) granted inducement awards of nonstatutory stock options to three new employees. Each stock option has an exercise price of $21.02 per share and will vest over four years, subject to the employees' continued service relationship with the company.

SAN DIEGO, Feb. 02, 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 February 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 59,750 shares of common stock to three (3) 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 $21.02 per share, the Company’s closing sales price on February 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 acute myeloid leukemia (AML) patients with high unmet need. Kura is currently enrolling patients in a Phase 2 registration-directed trial of ziftomenib in NPM1-mutant relapsed or refractory AML (KOMET-001). The Company is also conducting a series of studies to evaluate ziftomenib in combination with current standards of care, beginning with venetoclax and azacitidine and 7+3 in NPM1-mutant and KMT2A-rearranged newly diagnosed and relapsed/refractory AML (KOMET-007). Tipifarnib, a potent and selective farnesyl transferase inhibitor (FTI), is currently in a Phase 1/2 trial in combination with alpelisib for patients with PIK3CA-dependent head and neck squamous cell carcinoma (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 clear cell renal cell carcinoma and adagrasib in KRAS^G12C-mutated non-small cell lung cancer (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 is the ticker symbol for Kura Oncology, Inc.?

The ticker symbol for Kura Oncology, Inc. is KURA.

How many shares of common stock were granted as inducement awards?

59,750 shares of common stock were granted as inducement awards.

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

The exercise price per share for the stock options is $21.02.

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 and the balance vesting monthly thereafter over 36 months, subject to the employees' continued service relationship with the company.