Rigel Pharmaceuticals, Inc. Announces Inducement Grants under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) granted stock options totaling 626,000 shares to 15 new employees. The options, approved by Rigel's Compensation Committee, were issued as part of the Inducement Plan and have an exercise price of $3.10 per share. Vesting will occur immediately upon achieving performance conditions or over four years, with one-fourth vesting annually. This announcement complies with NASDAQ Listing Rule 5635(c)(4), aiming to incentivize new hires.

Positive

• Grant of 626,000 stock options enhances employee retention and incentivization.
• Options have an exercise price aligned with recent stock closing, indicating confidence in share value.

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• None.

SOUTH SAN FRANCISCO, Calif., April 8, 2022 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported the grant of stock options to purchase an aggregate of 626,000 shares of common stock to 15 newly hired employees. These awards were approved by the Compensation Committee of Rigel's Board of Directors and granted pursuant to the Rigel Pharmaceuticals, Inc. Inducement Plan, as amended, with a grant date of April 7, 2022, as an inducement material to the new employees entering into employment with Rigel, in accordance with NASDAQ Listing Rule 5635(c)(4).

The stock options have an exercise price of $3.10 per share, the price at the close of trading of Rigel's common stock on April 7, 2022. The stock options vest as follows: certain of the shares of common stock subject to the awards vest immediately upon achievement of one or more performance conditions, and certain of the shares of common stock subject to the awards vest over a four-year period, with one-fourth of the shares subject to such awards vesting on the first anniversary of the award's vesting commencement date, and the remaining shares vesting in equal monthly installments thereafter.

Rigel is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).

About Rigel
Rigel Pharmaceuticals, Inc., is a biotechnology company dedicated to discovering, developing, and providing novel small molecule drugs that significantly improve the lives of patients with hematologic disorders, cancer, and rare immune diseases. Rigel's pioneering research focuses on signaling pathways that are critical to disease mechanisms. The company's first FDA-approved product is TAVALISSE^® (fostamatinib disodium hexahydrate) tablets, the only oral spleen tyrosine kinase (SYK) inhibitor for the treatment of adult patients with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment. The product is also commercially available in Europe, the United Kingdom (TAVLESSE) and Canada (TAVALISSE) for the treatment of chronic immune thrombocytopenia in adult patients. 

Fostamatinib is currently being studied in a Phase 3 clinical trial (NCT03764618) for the treatment of warm autoimmune hemolytic anemia (wAIHA)¹; a Phase 3 clinical trial (NCT04629703) for the treatment of hospitalized high-risk patients with COVID-19¹; an NIH/NHLBI-sponsored Phase 3 clinical trial (ACTIV-4 Host Tissue Trial, NCT04924660) for the treatment of COVID-19 in hospitalized patients, and a Phase 2 clinical trial (NCT04581954) for the treatment of COVID-19 being conducted by Imperial College London.

Rigel's other clinical programs include its interleukin receptor-associated kinase (IRAK) inhibitor program, and a receptor-interacting serine/threonine-protein kinase (RIPK) inhibitor program in clinical development with partner Eli Lilly and Company. In addition, Rigel has product candidates in development with partners BerGenBio ASA and Daiichi Sankyo.

For further information, visit www.rigel.com or follow us on Twitter or LinkedIn. 

Please see www.TAVALISSE.com for the full Prescribing Information.

¹The product for this use or indication is investigational and has not been proven safe or effective by any regulatory authority.

Contact for Investors & Media:
Jodi Sievers  
Rigel Pharmaceuticals, Inc.
Phone: 650.624.1232
Email: ir@rigel.com

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SOURCE Rigel Pharmaceuticals, Inc.

FAQ

What stock options did Rigel Pharmaceuticals grant recently?

Rigel Pharmaceuticals granted stock options to purchase 626,000 shares to 15 new employees.

What is the exercise price for the stock options granted by RIGL?

The exercise price for the stock options is $3.10 per share.

How will the stock options vest according to Rigel's announcement?

The stock options will vest immediately upon achieving certain performance conditions or over a four-year period.

What is the purpose of the stock options granted by RIGL?

The stock options were granted as an inducement for new employees to join Rigel Pharmaceuticals.

When were the stock options granted to new Rigel employees?

The stock options were granted on April 7, 2022.