NEWTON, Mass., Nov. 3, 2020 /PRNewswire/ -- Karyopharm
Therapeutics Inc. (Nasdaq: KPTI), 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 86,900 shares of
Karyopharm's common stock to 13 newly-hired employees, with a grant
date of October 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 $14.82
per share, the closing price of Karyopharm's common stock on
October 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.