Cytokinetics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
February 01 2021 - 4:00PM
Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on
January 29, 2021 it granted stock options to purchase an aggregate
of 13,500 shares of common stock to Cinzia Ellero, a new employee
whose employment commenced in January 2021 as a material inducement
to her employment. The grant was previously approved by the
Compensation and Talent Committee of Cytokinetics’ Board of
Directors under the company’s Amended and Restated 2004 Equity
Incentive Plan.
The stock options that were granted are subject
to an exercise price of $19.67 per share, which is equal to the
closing price of the Company’s common stock on January 29, 2021,
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
applicable vesting commencement date and the remaining shares
thereafter vesting monthly at a rate of 1/48th of the shares
underlying each employee’s option over the subsequent 36 months,
subject to the new employee’s continued service with the Company.
Each stock option has a 10-year term and is subject to the terms
and conditions of the Company's Amended and Restated 2004 Equity
Incentive Plan and the stock option agreement pursuant to which the
option was granted.
The options were granted as material inducements
to employment in accordance with Nasdaq Listing Rule
5635(c)(4).
About Cytokinetics
Cytokinetics is a late-stage 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 muscle performance is compromised and/or declining. As a
leader in muscle biology and the mechanics of muscle performance,
the company is developing small molecule drug candidates
specifically engineered to impact muscle function and
contractility. Cytokinetics is preparing for regulatory
interactions for omecamtiv mecarbil, its novel cardiac muscle
activator, following positive results from GALACTIC-HF, a large,
international Phase 3 clinical trial in patients with heart
failure. Cytokinetics is conducting METEORIC-HF, a second Phase 3
clinical trial of omecamtiv mecarbil. Cytokinetics is also
developing CK-274, a next-generation cardiac myosin inhibitor, for
the potential treatment of hypertrophic cardiomyopathies (HCM).
Cytokinetics is conducting REDWOOD-HCM, a Phase 2 clinical trial of
CK-274 in patients with obstructive HCM. Cytokinetics is also
developing reldesemtiv, a fast skeletal muscle troponin activator
for the potential treatment of ALS and other neuromuscular
indications following conduct of FORTITUDE-ALS and other Phase 2
clinical trials. The company is preparing for the potential
advancement of reldesemtiv to a Phase 3 clinical trial.
Cytokinetics continues its over 20-year history of pioneering
innovation in muscle biology and related pharmacology focused to
diseases of muscle dysfunction and conditions of muscle
weakness.
For additional information about Cytokinetics,
visit www.cytokinetics.com and follow us on Twitter, 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. 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.
Contact:CytokineticsDiane WeiserSenior Vice
President, Corporate Communications, Investor Relations(415)
290-7757
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