Calithera Biosciences Announces New Employment Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Rhea-AI Summary
Calithera Biosciences (CALA) announced the granting of stock options to two new employees, allowing them to purchase 15,200 shares at an exercise price of $5.82, the closing price on May 29, 2020. The options will vest over a four-year period, with one-fourth vesting in May 2021. This move is aimed at recruiting talent under the 2018 Inducement Plan. The press release emphasizes Calithera's focus on developing innovative cancer therapies while cautioning that forward-looking statements regarding clinical trials may not guarantee future performance.
Positive
- Stock options granted as an incentive for new talent recruitment.
- The exercise price aligns with the market value, potentially ensuring employee interest in the company's performance.
- Inducement Plan fostering employee retention and motivation.
Negative
- Dependence on the successful progression of product candidates through clinical trials.
- Forward-looking statements are uncertain and may negatively impact stock price if expectations are unmet.
News Market Reaction – CALA
In the trading session that priced this news, CALA declined 1.38%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SOUTH SAN FRANCISCO, Calif., June 02, 2020 (GLOBE NEWSWIRE) -- Calithera Biosciences, Inc. (Nasdaq: CALA), a clinical stage biotechnology company focused on discovering and developing novel small molecule drugs for the treatment of cancer and other life-threatening diseases, today announced that the compensation committee of the company’s board of directors granted two new employees a non-qualified stock option to purchase an aggregate of 15,200 shares of Calithera’s common stock, at a per share exercise price of
The stock options were granted as an inducement material to the new employees entering into employment with Calithera in accordance with Nasdaq Listing Rule 5635(c)(4).
About Calithera
Calithera Biosciences is a clinical-stage biopharmaceutical company pioneering the discovery and development of targeted therapies that disrupt cellular metabolic pathways to preferentially block tumor cells and enhance immune-cell activity. Driven by a commitment to rigorous science and a passion for improving the lives of people impacted by cancer and other life-threatening diseases, Calithera is advancing a pipeline of first-in-clinic, oral therapeutics to meaningfully expand treatment options available to patients. Calithera is headquartered in South San Francisco, California. For more information about Calithera, please visit www.calithera.com.
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," "poised" and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. These statements include those related to the safety, tolerability and efficacy of Calithera’s product candidates, the overall advancement of Calithera’s product candidates in clinical trials, the unmet need in the treatment of patients with advanced disease, and Calithera’s plans to continue development of its product candidates. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. The product candidates that Calithera develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all. In addition, clinical trials may not confirm any safety, potency or other product characteristics described or assumed in this press release. Such product candidates may not be beneficial to patients or successfully commercialized. The failure to meet expectations with respect to any of the foregoing matters may have a negative effect on Calithera's stock price. Additional information concerning these and other risk factors affecting Calithera's business can be found in Calithera's most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, and other periodic filings with the Securities and Exchange Commission at www.sec.gov. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, Calithera disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
SOURCE: Calithera Biosciences, Inc.
CONTACT:
Jennifer McNealey
ir@Calithera.com
650-870-1071