Plus Therapeutics Announces Inducement Stock Grants

Rhea-AI Summary

On July 6, 2020, Plus Therapeutics, Inc. (PSTV) announced the approval of stock options for key executives. Dr. Gregory Stein was granted options for 40,000 shares at an exercise price of $2.11, and Andrew Sims received the same number at $2.23, both vesting over four years. This decision aligns with the company's 2015 New Employee Incentive Plan, which was recently amended to allow additional shares for inducement awards. Plus Therapeutics is focused on developing innovative cancer therapies.

Positive

• Granting stock options may enhance executive retention and motivation, potentially benefiting company performance.
• The amendment to the employee incentive plan allows for additional shares, enabling the company to attract and retain talent.

Negative

• None.

AUSTIN, Texas, July 06, 2020 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) today announced that the compensation committee of the Company’s board of directors approved an inducement grant of stock options to purchase a total of 40,000 shares of common stock to Dr. Gregory Stein with a grant date of June 29, 2020 and an exercise price equal to $2.11, the fair market value on the grant date and a total of an additional 40,000 shares of common stock to Andrew Sims with a grant date of February 6, 2020 and an exercise price equal to $2.23, the fair market value on the grant date.

The options issued to Mr. Stein and Mr. Sims, respectively, have a ten year term and vest over four years, with 25% vesting on the one-year anniversary of the employee’s first day of employment with the Company and 1/36 of the remaining shares vesting monthly thereafter, subject to Dr. Stein’s and Mr. Sims’ continued service relationship with the Company, respectively, on each such date. The options are being granted under the Company’s 2015 New Employee Incentive Plan, which was amended on February 6, 2020 to add 250,000 additional shares of common stock to the pool of shares to be used exclusively for the grant of inducement awards in compliance with Nasdaq Listing Rule 5635(c)(4). The options issued to Dr. Stein and to Mr. Sims are subject to the terms and conditions of the Company’s 2015 New Employee Incentive Plan and the stock option agreements pursuant to which the stock options have been granted and were made as an inducement material to each entering into employment with the Company in reliance of the exemption under Nasdaq Listing Rule 5635(c)(4).

About Plus Therapeutics, Inc.

Plus Therapeutics is a clinical-stage pharmaceutical company focused on making a positive impact on patients’ lives and adding value to the healthcare system. We are a publicly-traded company on Nasdaq (PSTV, an abbreviation of ‘POSITIVE’) with our headquarters in Austin, Texas and GMP-validated manufacturing facilities in San Antonio, Texas.  The location of our operations provides us with many potential strategic advantages, including proximity to world-class cancer institutions and researchers and the ability to qualify and apply for funding through the Cancer Prevention and Research Institute of Texas, or CPRIT.
  
Our pipeline of candidate drug products includes our lead drug product candidates, RNL™ and DocePLUS™, which are being developed in the U.S. by a dedicated and energetic team of biologists, chemists, engineers, physicians and other professionals. This diverse and experienced team uses versatile and proprietary nanotechnology to reformulate and deliver chemotherapeutics and radiotherapeutics to provide meaningful benefits to patients and healthcare providers. Our technology platform serves as the foundation of our drug product pipeline and affords us the opportunity to develop additional drugs for rare cancers. More information may be found at www.plustherapeutics.com.

Contact:
Plus Therapeutics, Inc. 
Andrew Sims
VP – Chief Financial Officer, Investor Relations
Phone: +1.619.333.4150
Email: ir@plustherapeutics.com 
Website: plustherapeutics.com  

FAQ

What stock options were granted by Plus Therapeutics on July 6, 2020?

On July 6, 2020, Plus Therapeutics granted stock options for 40,000 shares to Dr. Gregory Stein and 40,000 shares to Andrew Sims.

What is the exercise price for the stock options granted to PSTV executives?

The exercise price for Dr. Gregory Stein's options is $2.11, while Andrew Sims' options are set at $2.23.

How long do the stock options from Plus Therapeutics last?

The stock options granted to the executives have a ten-year term.

What is the vesting schedule for the stock options awarded by Plus Therapeutics?

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