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

Rhea-AI Summary

Rigel Pharmaceuticals (Nasdaq: RIGL) announced the granting of 250,000 stock options to new EVP and Chief Commercial Officer David A. Santos, in accordance with NASDAQ Listing Rule 5635(c)(4). These options will vest over four years with a one-year cliff, alongside an additional 250,000 options contingent on future performance achievements. The exercise price aligns with Rigel's stock price on August 19, 2020. Rigel is focused on developing innovative small molecule drugs for immune and hematologic disorders, having FDA-approved TAVALISSE for chronic immune thrombocytopenia.

Positive

• Appointment of David A. Santos as EVP and Chief Commercial Officer, potentially enhancing commercial strategy.
• Granting of stock options may align interests of new leadership with shareholder value.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Aug. 21, 2020 /PRNewswire/ -- Rigel Pharmaceuticals (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 employment with Rigel, in accordance with NASDAQ Listing Rule 5635(c)(4).  Specifically, Rigel granted 250,000 stock options to David A. Santos, Rigel's newly appointed EVP and Chief Commercial Officer, vesting over four years with a one-year cliff.  Additionally, Mr. Santos was granted 250,000 stock options to vest upon achievement of certain future performance conditions.  Each option to purchase has an exercise price equal to the closing price of Rigel's common stock on August 19, 2020, the date of grant.

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

About Rigel (www.rigel.com)

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 immune and hematologic disorders, cancer and rare 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 has been approved by the European Commission for the treatment of chronic immune thrombocytopenia in adult patients who are refractory to other treatments and is marketed in Europe under the name TAVLESSE^® (fostamatinib). Fostamatinib is currently being studied in an investigator-sponsored trial conducted by Imperial College London for the treatment of COVID-19 pneumonia¹.

Rigel's clinical programs include a Phase 3 study of fostamatinib in warm autoimmune hemolytic anemia (AIHA); a completed Phase 1 study of R835¹, a proprietary molecule from its interleukin receptor associated kinase (IRAK) inhibitor program; and an ongoing Phase 1 study of R552¹, a proprietary molecule from its receptor-interacting protein kinase (RIP) inhibitor program. In addition, Rigel has product candidates in clinical development with partners AstraZeneca, BerGenBio ASA, and Daiichi Sankyo.

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.

IR Contact: David Burke 
Phone: 650.624.1232
Email: dburke@rigel.com 

 

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SOURCE Rigel Pharmaceuticals, Inc.

FAQ

What are the details of Rigel's stock option grants announced on August 21, 2020?

Rigel Pharmaceuticals announced the granting of 250,000 stock options to David A. Santos, with vesting over four years and performance-based options.

Who received stock options from Rigel Pharmaceuticals as of August 2020?

David A. Santos, the newly appointed EVP and Chief Commercial Officer, received 250,000 stock options.

What is the NASDAQ Listing Rule related to Rigel's recent stock option grants?

Rigel provided this information under NASDAQ Listing Rule 5635(c)(4), which allows inducement grants for new employees.

How does Rigel's stock option grant impact RIGL shareholders?

The stock option grant aligns the interests of new leadership with shareholders, potentially enhancing value.