Cytokinetics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
05 6월 2024 - 5:00AM
Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on
May 31, 2024 it granted stock options to purchase an aggregate of
53,417 shares of common stock, 34,684 restricted stock units (RSUs)
that will be settled in shares of common stock upon vesting and
34,426 performance stock units (PSUs) that, if earned, will be
settled in shares of common stock upon vesting to Sung H. Lee, the
Company’s Executive Vice President and Chief Financial Officer,
whose employment commenced on May 8, 2024, as a material inducement
to his employment.
The Company also granted stock options to
purchase an aggregate of 93,525 shares of common stock, 60,724 RSUs
that will be settled in shares of common stock upon vesting and
40,610 PSUs that, if earned, will be settled in shares of common
stock upon vesting to an additional 12 employees, whose employment
commenced in May 2024, as a material inducement to their
employment.
The RSUs will vest over 3 years, with 40% of the
RSUs vesting on the first anniversary of the applicable grant date,
an additional 40% of the RSUs vesting on the second anniversary of
the grant date and the final 20% vesting on the third anniversary
of the grant date, in each case, subject to each respective
employee’s continued service with the Company. The stock options
that were granted are subject to an exercise price of $48.51 per
share, which is equal to the closing price of the Company’s common
stock on May 31, 2024, and will vest over 4 years, with 1/4th of
the shares underlying the employee’s option vesting on the one-year
anniversary of the grant date and the remaining shares thereafter
vesting in monthly installments at a rate of 1/48th of the shares
underlying such stock options over the subsequent 36 months,
subject to each respective employee’s continued service with the
Company. The stock options have a 10-year term. The PSU award
is subject to two performance goals and will be earned as to up to
50% of the number of shares subject to the PSU award upon the
certification by Compensation and Talent Committee of the Company’s
Board of Directors (Committee) that the Company has achieved the
first performance goal and as to up to 50% of the number of shares
subject to the PSU award upon the certification by the Committee
that the Company has achieved the second performance goal. The
earned shares will vest as to 50% of the earned shares on
applicable Committee certification date and as to 50% of the earned
shares following the one-year anniversary of the
applicable Committee certification date, subject to the respective
employee’s continued service with the Company. These awards are
subject to the terms and conditions of the Company's Amended and
Restated 2004 Equity Incentive Plan and the applicable award
agreements pursuant to which the awards were
granted.
The stock options, RSUs and PSUs were granted as
material inducements to employment in accordance with Nasdaq
Listing Rule 5635(c)(4).
About Cytokinetics
Cytokinetics is a late-stage, specialty
cardiovascular biopharmaceutical company focused on discovering,
developing and commercializing first-in-class muscle activators and
next-in-class muscle inhibitors as potential treatments for
debilitating diseases in which cardiac muscle performance is
compromised. As a leader in muscle biology and the mechanics of
muscle performance, the company is developing small molecule drug
candidates specifically engineered to impact myocardial muscle
function and contractility. Cytokinetics is preparing for
regulatory submissions for aficamten, its next-in-class cardiac
myosin inhibitor, following positive results from SEQUOIA-HCM, the
pivotal Phase 3 clinical trial in obstructive hypertrophic
cardiomyopathy. Aficamten is also currently being evaluated in
MAPLE-HCM, a Phase 3 clinical trial of aficamten as monotherapy
compared to metoprolol as monotherapy in patients with obstructive
HCM, ACACIA-HCM, a Phase 3 clinical trial of aficamten in patients
with non-obstructive HCM, CEDAR-HCM, a clinical trial of aficamten
in a pediatric population with obstructive HCM, and FOREST-HCM, an
open-label extension clinical study of aficamten in patients with
HCM. Cytokinetics is also developing omecamtiv mecarbil, a cardiac
muscle activator, in patients with heart failure. Additionally,
Cytokinetics is developing CK-586, a cardiac myosin inhibitor with
a mechanism of action distinct from aficamten for the potential
treatment of HFpEF, and CK-136, a cardiac troponin activator for
the potential treatment HFrEF and other types of heart failure,
such as right ventricular failure resulting from impaired cardiac
contractility.
For additional information about Cytokinetics,
visit www.cytokinetics.com and follow us on X, LinkedIn, Facebook
and YouTube.
Forward-Looking Statements
This press release contains forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995 (the "Act"). Cytokinetics disclaims any
intent or obligation to update these forward-looking statements and
claims the protection of the Act's Safe Harbor for
forward-looking statements. Examples of such statements include,
but are not limited to, statements relating
to Cytokinetics' and its partners' research and
development activities of Cytokinetics’ product candidates. Such
statements are based on management's current expectations, but
actual results may differ materially due to various risks and
uncertainties, including, but not limited to the risks related
to Cytokinetics' business outlined
in Cytokinetics' filings with the Securities and
Exchange Commission particularly under the caption “Risk Factors”
in Cytokinetics’ latest Annual Report on Form 10-K. Forward-looking
statements are not guarantees of future performance,
and Cytokinetics' actual results of operations, financial
condition and liquidity, and the development of the industry in
which it operates, may differ materially from the forward-looking
statements contained in this press release. Any forward-looking
statements that Cytokinetics makes in this press release
speak only as of the date of this press
release. Cytokinetics assumes no obligation to update its
forward-looking statements whether as a result of new information,
future events or otherwise, after the date of this press
release.
CYTOKINETICS® and the CYTOKINETICS and C-shaped
logo are registered trademarks of Cytokinetics in the U.S. and
certain other countries.
Contact:CytokineticsDiane WeiserSenior Vice President, Corporate
Affairs(415) 290-7757
Cytokinetics (NASDAQ:CYTK)
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