Viracta Therapeutics Announces New Employment Inducement Grant

Rhea-AI Summary

Viracta Therapeutics, Inc. (Nasdaq: VIRX) announced the appointment of Mark Rothera as President and CEO, with an accompanying stock option grant of 1,375,000 shares. This option vests over four years, with 25% vested after one year and the remaining 75% vesting monthly. The exercise price is $5.21 per share, matching the stock's closing price on September 19, 2022. The award is part of Viracta's 2021 Inducement Equity Incentive Plan, intended for new employees as an inducement for their employment.

Positive

• Appointment of Mark Rothera as President and CEO may bring new leadership and vision.
• Stock option grant could align the CEO's interests with shareholder value.

Negative

• None.

SAN DIEGO, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Viracta Therapeutics, Inc. (Nasdaq: VIRX), a precision oncology company targeting virus-associated malignancies, today announced that, in connection with the appointment of Mark Rothera as Viracta’s new President and Chief Executive Officer, the independent members of Viracta’s Board of Directors approved the grant of a non-qualified stock option to Mr. Rothera to purchase 1,375,000 shares of common stock. The option vests over four years, with 25% vesting on the one-year anniversary of Mr. Rothera’s employment commencement date and the remaining 75% vesting in equal monthly increments over the succeeding 36 months, subject to Mr. Rothera’s continuous service to Viracta through each vesting date. The option has an exercise price of $5.21 per share, which is equal to the closing price of Viracta’s common stock on September 19, 2022.

The inducement award was made under Viracta’s 2021 Inducement Equity Incentive Plan and related stock option agreement, which have terms and conditions generally consistent with those of Viracta’s 2021 Equity Incentive Plan. The Inducement Plan is used exclusively to grant equity awards to individuals who were not previously an employee or non-employee director of Viracta as an inducement material to such individual’s entering into employment with Viracta in accordance with Nasdaq Listing Rule 5635(c)(4).

About Viracta Therapeutics, Inc.

Viracta is a precision oncology company targeting virus-associated malignancies. Viracta’s lead product candidate is an all-oral combination therapy of its proprietary investigational drug, nanatinostat, and the antiviral agent valganciclovir (collectively referred to as Nana-val). Nana-val is currently being evaluated in multiple ongoing clinical trials, including a pivotal, global, multicenter, open-label Phase 2 basket trial for the treatment of multiple subtypes of relapsed/refractory Epstein-Barr virus-positive (EBV⁺) lymphoma (NAVAL-1), as well as a multinational, open-label Phase 1b/2 trial for the treatment of EBV⁺ recurrent or metastatic nasopharyngeal carcinoma and other EBV⁺ solid tumors.

For additional information please visit www.viracta.com.

Investor Relations Contact:
Ashleigh Barreto
Head of Investor Relations & Corporate Communications
Viracta Therapeutics, Inc.
abarreto@viracta.com

SOURCE Viracta Therapeutics, Inc.

FAQ

What is the significance of Mark Rothera's appointment at Viracta (VIRX)?

Mark Rothera's appointment as President and CEO may indicate a strategic shift for Viracta, potentially enhancing its operations and growth.

How many shares were granted to Mark Rothera at Viracta (VIRX)?

Mark Rothera was granted a non-qualified stock option to purchase 1,375,000 shares of common stock.

What is the exercise price of the stock option granted to Mark Rothera at Viracta (VIRX)?

The exercise price of the stock option is $5.21 per share.

When will the stock options granted to Mark Rothera vest at Viracta (VIRX)?

The stock options will vest over four years, with 25% vesting on the one-year anniversary of his employment, and the remaining 75% vesting monthly over the subsequent 36 months.

What is the purpose of the 2021 Inducement Equity Incentive Plan at Viracta (VIRX)?

The 2021 Inducement Equity Incentive Plan is used to grant equity awards to new employees as a material inducement for their employment with Viracta.