Curis Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Curis, Inc. (NASDAQ: CRIS) announced that on March 31, 2023, its independent Compensation Committee approved an inducement stock option grant for 135,450 shares to a new employee. The stock options have a ten-year term, an exercise price equal to the stock's closing price on the grant date, and will vest over four years. The vesting schedule includes 25% after the first anniversary and an additional 6.25% every three months thereafter, contingent on continued service. This grant is part of Curis's strategy to attract and retain talent as it continues to develop innovative cancer therapies.

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Positive

• Inducement grant of 135,450 shares to attract new employee, indicating growth and expansion plans.

Negative

• FDA placed a partial clinical hold on the Phase 1/2 TakeAim Leukemia trial, halting new patient enrollments.

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LEXINGTON, Mass., April 5, 2023 /PRNewswire/ -- Curis, Inc. (NASDAQ: CRIS), a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer, today announced that on March 31, 2023, the independent Compensation Committee of the Board of Directors of Curis approved the grant of inducement stock options to purchase a total of 135,450 shares of Curis common stock to a new employee, with a grant date of March 31, 2023 (the "Q1 2023 Inducement Grant").

The Q1 2023 Inducement Grant has an exercise price per share equal to the closing price of the Company's common stock on March 31, 2023. The stock option has a 10 year term and vests over four years, with 25% of the original number of shares underlying the award vesting on the first anniversary of the employee's date of hire and an additional 6.25% of the original number of shares underlying the award vesting on each successive three-month period thereafter, subject to the employee's continued service with the Company through the respective vesting dates. The stock option was granted as an inducement equity award outside of the Company's Fourth Amended and Restated 2010 Stock Incentive Plan and was made as an inducement material to the employee's acceptance of employment with the Company.

About Curis, Inc.

Curis is a biotechnology company focused on the development of innovative therapeutics for the treatment of cancer. In 2015, Curis entered into a collaboration with Aurigene in the areas of immuno-oncology and precision oncology. As part of this collaboration, Curis has exclusive licenses to oral small molecule antagonists of immune checkpoints including the VISTA/PDL1 antagonist CA-170, and the TIM3/PDL1 antagonist CA-327, as well as the IRAK4 kinase inhibitor, emavusertib (CA-4948). Emavusertib is currently undergoing testing in the Phase 1/2 TakeAim Lymphoma trial, in patients with hematologic malignancies, such as non-Hodgkin's lymphoma and other B cell malignancies, both as a monotherapy and in combination with BTK inhibitor ibrutinib, and the Phase 1/2 TakeAim Leukemia trial in patients with acute myeloid leukemia and myelodysplastic syndrome, for which it has received Orphan Drug Designation from the U.S. Food and Drug Administration. The FDA has placed a partial clinical hold on the TakeAim Leukemia trial during which no new patients will be enrolled in the monotherapy expansion phase (Phase 2a) or the combination phase (Phase 1b) of emavusertib with azacitidine or venetoclax. In addition, Curis is engaged in a collaboration with ImmuNext for development of CI-8993, a monoclonal anti-VISTA antibody, which is currently undergoing testing in a Phase 1 trial in patients with solid tumors. Curis is also party to a collaboration with Genentech, a member of the Roche Group, under which Genentech and Roche are commercializing Erivedge® for the treatment of advanced basal cell carcinoma. For more information, visit Curis's website at www.curis.com.

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SOURCE Curis, Inc.

FAQ

What stock options were granted by Curis on March 31, 2023?

Curis granted inducement stock options for 135,450 shares to a new employee, with a ten-year term and a vesting schedule.

What is the significance of the FDA's partial clinical hold on Curis's trials?

The partial clinical hold on the TakeAim Leukemia trial prevents new patient enrollment, which may delay progress in their cancer treatment research.

What is the exercise price for the stock options granted on March 31, 2023?

The exercise price is set at the closing price of Curis's common stock on the grant date, March 31, 2023.

How does the inducement stock option grant affect Curis shareholders?

The inducement grant is aimed at attracting talent, which could positively impact company performance and shareholder value in the long term.