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

Rhea-AI Summary

Rigel Pharmaceuticals (Nasdaq: RIGL) announced the grant of stock options for 610,000 shares to 14 new employees, effective January 6, 2022. This grant, approved by the Compensation Committee, aligns with NASDAQ Listing Rule 5635(c)(4). The options feature an exercise price of $2.62 per share and will vest over four years. Rigel, dedicated to developing treatments for hematologic disorders and rare diseases, continues its clinical trials for products like TAVALISSE, currently investigating treatments for conditions including autoimmune hemolytic anemia and COVID-19.

Positive

• Grant of stock options to 14 new employees, indicating growth and expansion.
• Stock options granted under NASDAQ compliance, maintaining market standards.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Jan. 7, 2022 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported the grant of stock options to purchase an aggregate of 610,000 shares of common stock to 14 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 January 6, 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 $2.62 per share, the price at the close of trading of Rigel's common stock on January 6, 2022. The stock options 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 (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 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 (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 ACTIV-4 Host Tissue Study for the treatment of COVID-19 in hospitalized patients on oxygen therapy, and a Phase 2 clinical trial 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 (RIP1) inhibitor program in clinical development with partner Eli Lilly and Company. In addition, Rigel has product candidates in development with partners AstraZeneca, 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.

Investor Contact:
Jodi Sievers
Rigel Pharmaceuticals, Inc.
Phone: 650.624.1232
Email: ir@rigel.com

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SOURCE Rigel Pharmaceuticals, Inc.

FAQ

What is the significance of Rigel Pharmaceuticals' stock options grant on January 6, 2022?

The grant indicates Rigel's commitment to attract talent as it expands, which can enhance its operational capabilities.

What is the exercise price for the stock options granted by Rigel Pharmaceuticals?

The exercise price for the stock options is $2.62 per share.

How will the stock options granted by Rigel Pharmaceuticals vest?

The stock options will vest over four years, with 25% vesting on the first anniversary and the remainder vesting monthly.

What regulatory rule did Rigel Pharmaceuticals follow for the stock options grant?

Rigel Pharmaceuticals complied with NASDAQ Listing Rule 5635(c)(4) for the stock options grant.

What types of conditions is Rigel Pharmaceuticals currently researching treatments for?

Rigel is researching treatments for hematologic disorders, autoimmune diseases, and COVID-19.