Karyopharm Announces the Appointment of Lori Macomber as Chief Financial Officer

Rhea-AI Summary

Karyopharm Therapeutics (Nasdaq: KPTI) has appointed Lori Macomber as Executive Vice President, Chief Financial Officer and Treasurer, effective January 3, 2025. Macomber brings over 20 years of experience in life science companies' financial management, most recently serving as CFO at Legend Biotech

As part of her appointment, Macomber will receive inducement awards including a non-statutory stock option to purchase 650,000 shares and 160,000 restricted stock units (RSUs). The stock options will vest over four years, with 25% vesting after the first year and 1/48th monthly thereafter. The RSUs will vest over three years, with 33 1/3% vesting annually. Both awards include immediate vesting provisions in case of a change in control event followed by qualifying termination.

Positive

• Appointment of experienced CFO with over 20 years in life science financial management
• Strategic focus on XPOVIO revenue growth and disciplined expense management
• New CFO brings expertise in collaboration partnerships and business development

Negative

• Significant equity compensation package may lead to shareholder dilution

NEWTON, Mass., Jan. 2, 2025 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced the appointment of Lori Macomber as Executive Vice President, Chief Financial Officer and Treasurer, effective January 3, 2025. In this role, Ms. Macomber will be responsible for leading and directing the financial activities of the Company.

"Lori is an outstanding addition to the Karyopharm team," said Richard Paulson, President and Chief Executive Officer of Karyopharm. "She brings extensive experience in strategic financial management and operations, which will be critical as we execute on our strategy to grow XPOVIO revenue and maintain our disciplined expense management as we progress our clinical pipeline."

"I am thrilled to join Karyopharm at this important stage as we advance our pipeline of novel therapies and look forward to working with the leadership team and contributing to the Company's success," said Ms. Macomber. "I am impressed with both the team and the science and I am excited to be a part of bringing much needed therapies to patients."

Ms. Macomber has over 20 years of diversified experience in leading growth and driving financial strategies for life science companies. She has a proven track record in financial management for companies ranging from start-up to Fortune 500 and has also successfully supported various collaboration partnerships, business development activities and licensing deals. Most recently, she served as Chief Financial Officer at Legend Biotech Corporation, a publicly traded, commercial-stage biopharmaceutical company.  Previously, Ms. Macomber held leadership roles of increasing responsibility with Ametek PDS, Cello Health, Eli Lilly and Company, and Pfizer (formerly Pharmacia). Ms. Macomber holds a Bachelor of Science in Accounting from Pennsylvania State University and is a Certified Public Accountant.

In connection with Ms. Macomber's appointment as Chief Financial Officer, effective as of January 31, 2025 (the Grant Date), the Company granted Ms. Macomber inducement awards consisting of (i) a non-statutory stock option to purchase 650,000 shares of Karyopharm's common stock (the Inducement Option) and (ii) 160,000 restricted stock units (the Inducement RSU Award). These awards were granted pursuant to the Company's 2022 Inducement Stock Incentive Plan, as amended, as inducements material to Ms. Macomber entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The Inducement Option will have an exercise price per share of the closing price of Karyopharm's common stock on the Nasdaq Global Select Market on the Grant Date and vests over four years, with 25% of the total number of shares underlying the stock option vesting on the first anniversary of the date Ms. Macomber commences employment and an additional 1/48th of the total number of shares underlying the option vesting monthly thereafter. The Inducement RSU Award will vest over three years, with 33 1/3% of the shares underlying the Inducement RSU Award vesting on each of the three consecutive anniversaries of the Grant Date. The vesting of each of the Inducement Option and the Inducement RSU Award is subject to Ms. Macomber's continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each of the Inducement Option and the Inducement RSU Award will immediately vest and/or become exercisable, as applicable, in full if, on or prior to the first anniversary of the consummation of a "change in control event," Ms. Macomber's employment is terminated by her for "good reason" or by Karyopharm without "cause" (as such terms are defined in the 2022 Inducement Stock Incentive Plan, as amended).

About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq: KPTI) is a commercial-stage pharmaceutical company whose dedication to pioneering novel cancer therapies is fueled by a belief in the extraordinary strength and courage of patients with cancer. Since its founding, Karyopharm has been an industry leader in oral compounds that address nuclear export dysregulation, a fundamental mechanism of oncogenesis. Karyopharm's lead compound and first-in-class, oral exportin 1 (XPO1) inhibitor, XPOVIO^® (selinexor), is approved in the U.S. and marketed by the Company in three oncology indications. It has also received regulatory approvals in various indications in a growing number of ex-U.S. territories and countries, including Europe and the United Kingdom (as NEXPOVIO®) and China. Karyopharm has a focused pipeline targeting indications in multiple high unmet need cancers, including in multiple myeloma, endometrial cancer, myelofibrosis, and diffuse large B-cell lymphoma (DLBCL). For more information about our people, science and pipeline, please visit www.karyopharm.com, and follow us on LinkedIn and on X.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding Karyopharm's clinical development plans and potential regulatory submissions of selinexor and the ability of selinexor to treat patients with multiple myeloma, endometrial cancer, myelofibrosis, diffuse large B-cell lymphoma, and other diseases. Such statements are subject to numerous important factors, risks and uncertainties, many of which are beyond Karyopharm's control, that may cause actual events or results to differ materially from Karyopharm's current expectations. For example, there can be no guarantee that Karyopharm will successfully commercialize XPOVIO or that any of Karyopharm's drug candidates, including selinexor, will successfully complete necessary clinical development phases or that development of any of Karyopharm's drug candidates will continue. Further, there can be no guarantee that any positive developments in the development or commercialization of Karyopharm's drug candidate portfolio will result in stock price appreciation. Management's expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other factors, including the following: the adoption of XPOVIO in the commercial marketplace, the timing and costs involved in commercializing XPOVIO or any of Karyopharm's drug candidates that receive regulatory approval; the ability to obtain and retain regulatory approval of XPOVIO or any of Karyopharm's drug candidates that receive regulatory approval; Karyopharm's results of clinical trials and preclinical trials, including subsequent analysis of existing data and new data received from ongoing and future trials; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies, including with respect to the need for additional clinical trials; the ability of Karyopharm or its third party collaborators or successors in interest to fully perform their respective obligations under the applicable agreement and the potential future financial implications of such agreement; Karyopharm's ability to enroll patients in its clinical trials; unplanned cash requirements and expenditures; substantial doubt exists regarding Karyopharm's ability to continue as a going concern; development or regulatory approval of drug candidates by Karyopharm's competitors for products or product candidates in which Karyopharm is currently commercializing or developing; the direct or indirect impact of the COVID-19 pandemic or any future pandemic on Karyopharm's business, results of operations and financial condition; and Karyopharm's ability to obtain, maintain and enforce patent and other intellectual property protection for any of its products or product candidates. These and other risks are described under the caption "Risk Factors" in Karyopharm's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the Securities and Exchange Commission (SEC) on November 5, 2024, and in other filings that Karyopharm may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by law, Karyopharm expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

XPOVIO^® and NEXPOVIO^® are registered trademarks of Karyopharm Therapeutics Inc.

View original content to download multimedia:https://www.prnewswire.com/news-releases/karyopharm-announces-the-appointment-of-lori-macomber-as-chief-financial-officer-302337792.html

SOURCE Karyopharm Therapeutics Inc.

FAQ

When will Lori Macomber start as CFO of Karyopharm (KPTI)?

Lori Macomber will start as CFO of Karyopharm on January 3, 2025.

What is the vesting schedule for KPTI's new CFO stock options?

The stock options vest over four years, with 25% vesting after the first year and 1/48th monthly thereafter.

How many shares are included in KPTI's CFO inducement awards?

The inducement awards include options to purchase 650,000 shares and 160,000 restricted stock units (RSUs).

What happens to KPTI's CFO equity awards in case of a change in control?

The awards will immediately vest if there's a change in control event followed by termination for good reason or without cause within one year.

What is Lori Macomber's previous experience before joining KPTI?

She most recently served as CFO at Legend Biotech and held leadership roles at Ametek PDS, Cello Health, Eli Lilly and Company, and Pfizer.