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MEI Pharma Announces Inducement Grant under Nasdaq Listing Rule 5635(c)(4)

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MEI Pharma, Inc. (NASDAQ: MEIP) has announced the grant of inducement stock options for 210,000 shares to four new employees, as per Nasdaq Listing Rule 5635(c)(4). The options have an exercise price of $2.16 per share, equal to the closing stock price on the grant date. They are part of the 2021 Inducement Grant Equity Compensation Plan and have a 10-year term. Vesting is scheduled at 25% after 12 months and 2.0833% monthly thereafter. This move is aimed at enhancing talent retention and incentivizing new hires within the firm focused on developing cancer therapies.

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  • Grant of 210,000 stock options supports talent acquisition.
  • Options priced at $2.16 align with current market value.
  • Vesting schedule incentivizes long-term employee engagement.
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  • None.

SAN DIEGO--(BUSINESS WIRE)-- MEI Pharma, Inc. (NASDAQ: MEIP), a late-stage pharmaceutical company focused on advancing new therapies for cancer, today announced the grant of inducement stock options for an aggregate of 210,000 shares of the company’s common stock to four new employees. The stock options were granted as a material inducement to each new employee accepting employment with MEI in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock options have a $2.16 exercise price per share, which is equal to the closing price of the Company’s common stock on the grant date. The options were granted pursuant to the MEI Pharma, Inc. 2021 Inducement Grant Equity Compensation Plan, and have terms and conditions consistent with the MEI Pharma, Inc. Amended and Restated 2008 Stock Omnibus Equity Compensation Plan. The options were approved by the Company’s Compensation Committee of the Board of Directors in reliance on the employment inducement exception under Rule 5635(c)(4), which requires that grants relying on this exception be disclosed promptly in a press release.

The options have a 10-year term and will vest 25% of the shares subject to the option on the 12-month anniversary of the date of the grant and 2.0833% of the shares subject to the option on the first day of each of the next 36 calendar months following the 12-month anniversary of the effective date, subject to earlier vesting in connection with a change of control.

About MEI Pharma

MEI Pharma, Inc. (Nasdaq: MEIP) is a late-stage pharmaceutical company focused on developing potential new therapies for cancer. MEI Pharma's portfolio of drug candidates contains multiple clinical-stage assets, including zandelisib, currently in ongoing clinical trials which may support marketing approvals with the U.S. Food and Drug Administration and other regulatory authorities globally. Each of MEI Pharma's pipeline candidates leverages a different mechanism of action with the objective of developing therapeutic options that are: (1) differentiated, (2) address unmet medical needs and (3) deliver improved benefit to patients either as standalone treatments or in combination with other therapeutic options. For more information, please visit www.meipharma.com. Follow us on Twitter @MEI_Pharma and on LinkedIn.

Forward-Looking Statements

Under U.S. law, a new drug cannot be marketed until it has been investigated in clinical studies and approved by the FDA as being safe and effective for the intended use. Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You should be aware that our actual results could differ materially from those contained in the forward-looking statements, which are based on management's current expectations and are subject to a number of risks and uncertainties, including, but not limited to, our failure to successfully commercialize our product candidates; the availability or appropriateness of utilizing the FDA’s accelerated approval pathway for our product candidates; final data from our pre-clinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; costs and delays in the development and/ or FDA approval, or the failure to obtain such approval, of our product candidates; uncertainties or differences in interpretation in clinical trial results; the impact of the COVID-19 pandemic on our industry and individual companies, including on our counterparties, the supply chain, the execution of our clinical development programs, our access to financing and the allocation of government resources; our inability to maintain or enter into, and the risks resulting from our dependence upon, collaboration or contractual arrangements necessary for the development, manufacture, commercialization, marketing, sales and distribution of any products; competitive factors; our inability to protect our patents or proprietary rights and obtain necessary rights to third party patents and intellectual property to operate our business; our inability to operate our business without infringing the patents and proprietary rights of others; general economic conditions; the failure of any products to gain market acceptance; our inability to obtain any additional required financing; technological changes; government regulation; changes in industry practice; and one-time events. We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking statements.

MEI-IG

MEI Pharma, Inc.

David A. Walsey

Tel: 858-369-7104

investor@meipharma.com

Jason I. Spark

Canale Communications for MEI

Tel: 619-849-6005

jason.spark@canalecomm.com

Source: MEI Pharma, Inc.

FAQ

What is the recent stock option grant by MEI Pharma?

MEI Pharma has granted 210,000 stock options to new employees at an exercise price of $2.16 per share.

What is the purpose of the stock options granted by MEI Pharma?

The stock options were granted as an inducement to attract and retain new employees, in accordance with Nasdaq regulations.

What are the vesting terms for the stock options at MEI Pharma?

The stock options vest 25% after one year and 2.0833% monthly for the next three years.

What regulations govern the stock option grant by MEI Pharma?

The grant is conducted under Nasdaq Listing Rule 5635(c)(4).

MEI Pharma, Inc.

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SAN DIEGO