Karyopharm Therapeutics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
NEWTON, Mass., Feb. 04, 2019 (GLOBE NEWSWIRE) -- Karyopharm Therapeutics Inc. (Nasdaq: KPTI), a clinical-stage pharmaceutical company, today announced that the Compensation Committee of Karyopharm’s Board of Directors granted stock options to purchase an aggregate of 428,500 shares of Karyopharm’s common stock to eighty-three newly-hired employees, with a grant date of January 31, 2019. The stock options were granted as inducements material to the new employees entering into employment with Karyopharm in accordance with NASDAQ Listing Rule 5635(c)(4).
Each of the stock options has an exercise price of $8.47 per share, the closing price of Karyopharm’s common stock on January 31, 2019. Each stock option vests over four years, with 25% of the original number of shares underlying the stock option vesting on the one-year anniversary of the applicable employee’s employment commencement date and an additional 1/48th of the shares vesting monthly thereafter, subject to the employee’s continued service as an employee of, or other service provider to, Karyopharm through the applicable vesting dates. In addition, each stock option will be immediately exercisable in full if, on or prior to the first anniversary of the consummation of a “change in control event,” the employee’s employment is terminated for “good reason” by the employee or terminated without “cause” by Karyopharm (as such terms are defined in the applicable stock option agreement).
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport and related targets for the treatment of cancer and other major diseases. Karyopharm's SINE compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). The Company's initial focus is on seeking regulatory approval and commercialization of its lead drug candidate, oral selinexor (KPT-330). In addition to single-agent and combination activity against a variety of human cancers, SINE compounds have also shown biological activity in models of neurodegeneration, inflammation, autoimmune disease, certain viruses and wound-healing. Karyopharm, which was founded by Dr. Sharon Shacham, currently has five investigational programs in clinical or preclinical development. For more information, please visit www.karyopharm.com.
Karyopharm Therapeutics Inc.
Vice President, Investor and Public Relations
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Source: Karyopharm Therapeutics Inc.