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

Rhea-AI Summary

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) announced the granting of 375,000 stock options to new employee Ray Furey, consisting of 187,500 options vesting over four years and another 187,500 options contingent on future performance conditions. This incentive aligns with NASDAQ's Listing Rule 5635(c)(4), which allows inducement awards for new hires. Rigel focuses on developing novel small molecule drugs for hematologic disorders, cancer, and rare immune diseases, enhancing its workforce to support these initiatives.

Positive

• Granting of 375,000 stock options to new hire Ray Furey indicates resource investment in talent.
• Inducement awards can help attract skilled professionals crucial for Rigel's growth.

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• None.

SOUTH SAN FRANCISCO, Calif., Dec. 9, 2022 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. ("Rigel") (Nasdaq: RIGL) today announced that it has granted awards pursuant to the Rigel Pharmaceuticals, Inc. Inducement Plan, approved by the Compensation Committee of Rigel's Board of Directors and granted as an inducement material to an employee's entering into employment with Rigel, in accordance with NASDAQ Listing Rule 5635(c)(4). Specifically, Rigel granted 187,500 stock options to Ray Furey vesting over four years with a one-year cliff. Additionally, Mr. Furey was granted 187,500 stock options to vest upon achievement of certain future performance conditions, subject to Mr. Furey's continuous service to the Company on such vesting date. 

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

About Rigel
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) 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. Founded in 1996, Rigel is based in South San Francisco, California. For more information on Rigel, its marketed products and pipeline of potential products, visit www.rigel.com.

Rigel Contacts
Media:
David Rosen, Argot Partners
Phone: 212.600.1902
Email: david.rosen@argotpartners.com

Investors:
Rigel Pharmaceuticals, Inc. 
650.624.1232
ir@rigel.com

 

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SOURCE Rigel Pharmaceuticals, Inc.

FAQ

What stock options were granted to Ray Furey by Rigel Pharmaceuticals?

Rigel Pharmaceuticals granted Ray Furey 375,000 stock options, with 187,500 vesting over four years and another 187,500 contingent on performance.

What is NASDAQ Listing Rule 5635(c)(4)?

NASDAQ Listing Rule 5635(c)(4) allows companies to grant inducement awards to new employees as a recruitment incentive.

When was the stock option grant announced by Rigel Pharmaceuticals?

The stock option grant was announced on December 9, 2022.

What is the significance of the stock option grant for Rigel Pharmaceuticals?

The stock option grant is a strategic move to attract and retain talent, essential for advancing Rigel's development of novel drugs.