CTI BioPharma Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

CTI BioPharma Corp. (NASDAQ: CTIC) announced on June 9, 2021, that its Compensation Committee granted equity inducement awards to two new employees. Approved on June 8, 2021, these awards are in compliance with Nasdaq Listing Rule 5635(c)(4) and total 47,500 options for common stock. The options will be issued upon the commencement of employment, with an exercise price equal to the closing stock price on the Grant Date. One-fourth of options vest annually over four years. CTI BioPharma focuses on developing therapies for blood-related cancers, particularly myelofibrosis and severe COVID-19.

Positive

• Granting of 47,500 equity inducement options can help attract talent to support growth.
• Focus on developing pacritinib for myelofibrosis and COVID-19 addresses significant medical needs.

Negative

• None.

SEATTLE, June 9, 2021 /PRNewswire/ -- CTI BioPharma Corp. (NASDAQ: CTIC) today announced that the Compensation Committee of its Board of Directors granted equity awards to two new employees as equity inducement awards outside of the Company's Amended and Restated 2017 Equity Incentive Plan (but under the terms of the Amended and Restated 2017 Equity Incentive Plan) and material to the employees' acceptance of employment with the company. The equity awards were approved on June 8, 2021, in accordance with Nasdaq Listing Rule 5635(c)(4).

The employees received options to purchase an aggregate of 47,500 shares of CTI BioPharma common stock. The options will be issued upon each employee's commencement of employment (the "Grant Date"), and all stock options included within the equity inducement awards will have an exercise price equal to the closing price of CTI BioPharma common stock on each respective Grant Date. One-fourth of the options will vest on each anniversary of the employee's Grant Date, subject to the employee's continued employment with CTI BioPharma on such vesting dates. The options have a ten-year term.

About CTI BioPharma Corp.
We are a biopharmaceutical company focused on the acquisition, development and commercialization of novel targeted therapies for blood-related cancers that offer a unique benefit to patients and their healthcare providers. We concentrate our efforts on treatments that target blood-related cancers where there is an unmet medical need. In particular, we are focused on evaluating pacritinib, our sole product candidate currently in active late-stage development, for the treatment of adult patients with myelofibrosis. In addition, we have recently started developing pacritinib for use in hospitalized patients with severe COVID-19, in response to the COVID-19 pandemic. We are headquartered in Seattle, Washington.

CTI BioPharma Investor Contacts:
Maeve Conneighton/Maghan Meyers
+212-600-1902
cti@argotpartners.com

 

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SOURCE CTI BioPharma Corp.

FAQ

What did CTI BioPharma announce on June 9, 2021?

CTI BioPharma announced the granting of equity inducement awards to two new employees, totaling 47,500 stock options.

How many shares were awarded to new employees at CTI BioPharma?

CTI BioPharma granted a total of 47,500 options to new employees.

What is the significance of the equity inducement awards granted by CTI BioPharma?

The awards are intended to attract and retain talent, essential for the company's growth.

Under which Nasdaq rule did CTI BioPharma grant the equity awards?

The equity awards were granted in compliance with Nasdaq Listing Rule 5635(c)(4).

What is the vesting schedule for the options granted to CTI BioPharma employees?

One-fourth of the options will vest on each anniversary of the Grant Date, contingent on continued employment.