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

Rhea-AI Summary

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) announced the grant of stock options totaling 469,000 shares to 23 new employees, approved by its Compensation Committee. These options, priced at $3.52 per share, vest over four years and were granted under the company's Inducement Plan following NASDAQ Listing Rule 5635(c)(4). Rigel focuses on developing novel small molecule drugs targeting hematologic disorders, cancer, and rare immune diseases. It also conducts several clinical trials, including studies for its first FDA-approved product, TAVALISSE, in various indications.

Positive

• The grant of stock options may enhance employee retention and attract talent.
• Rigel is engaged in multiple promising clinical trials, including those for TAVALISSE.

Negative

• None.

SOUTH SAN FRANCISCO, Calif., Oct. 8, 2021 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported the grant of stock options to purchase an aggregate of 469,000 shares of common stock to 23 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 October 7, 2021, 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 $3.52 per share, the price at the close of trading of Rigel's common stock on October 7, 2021. 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 stock options did Rigel Pharmaceuticals grant on October 7, 2021?

Rigel Pharmaceuticals granted stock options to purchase 469,000 shares to 23 newly hired employees at an exercise price of $3.52.

Why did Rigel Pharmaceuticals issue stock options to employees?

The stock options were issued as an inducement to new employees as per NASDAQ Listing Rule 5635(c)(4).

What is the vesting period for Rigel Pharmaceuticals' stock options?

The stock options vest over a four-year period, with one-fourth vesting on the first anniversary and the remainder vesting monthly thereafter.

What are the main therapeutic areas Rigel Pharmaceuticals focuses on?

Rigel Pharmaceuticals focuses on hematologic disorders, cancer, and rare immune diseases.

What is TAVALISSE and its significance for Rigel Pharmaceuticals?

TAVALISSE is Rigel's first FDA-approved product for chronic immune thrombocytopenia and is also available in Europe and Canada.