NEWTON, Mass., Oct. 1, 2020 /PRNewswire/ -- Karyopharm
Therapeutics Inc. (Nasdaq: KPTI), a commercial-stage
pharmaceutical company pioneering novel cancer therapies,
today announced that the Compensation Committee of Karyopharm's
Board of Directors granted stock options to purchase an aggregate
of 122,300 shares of Karyopharm's common stock to 17 newly-hired
employees, with a grant date of September
30, 2020. 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 $14.60
per share, the closing price of Karyopharm's common stock on
September 30, 2020. Each stock option
vests over four years, with 25% of the total number of shares
underlying the stock option vesting on the one-year anniversary of
the applicable employee's employment commencement date and 1/48th
of the total number of 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
commercial-stage pharmaceutical company pioneering novel cancer
therapies and dedicated to the discovery, development, and
commercialization of novel first-in-class drugs directed against
nuclear export and related targets for the treatment of cancer and
other major diseases. Karyopharm's Selective Inhibitor of Nuclear
Export (SINE) compounds function by binding with and inhibiting the
nuclear export protein XPO1 (or CRM1). Karyopharm's lead compound,
XPOVIO® (selinexor), received accelerated approval from
the U.S. Food and Drug Administration (FDA) in July
2019 in combination with dexamethasone as a treatment for
patients with heavily pretreated multiple myeloma. In June
2020, XPOVIO was approved by the FDA as a treatment for patients
with relapsed or refractory diffuse large B-cell lymphoma. A
Marketing Authorization Application for selinexor for patients with
heavily pretreated multiple myeloma is also currently under review
by the European Medicines Agency. 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 has several investigational
programs in clinical or preclinical development. For more
information, please visit www.karyopharm.com.
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SOURCE Karyopharm Therapeutics Inc.