Karyopharm Therapeutics Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
July 02 2018 - 7:00AM
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 146,500 shares of Karyopharm’s common
stock to twenty newly-hired employees, with a grant date of June
29, 2018. 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 $16.99 per share, the closing price of Karyopharm’s common
stock on June 29, 2018. 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 remaining 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). To date, over 2,400 patients have been
treated with selinexor and Karyopharm announced positive topline
data from the Phase 2b STORM study of selinexor in penta-refractory
multiple myeloma. Selinexor is currently being evaluated in several
mid- and later-phase clinical trials across multiple cancer
indications, including in multiple myeloma in a pivotal, randomized
Phase 3 study in combination with Velcade® (bortezomib) and
low-dose dexamethasone (BOSTON) and as a potential backbone therapy
in combination with approved therapies (STOMP), and in diffuse
large B-cell lymphoma (SADAL) and liposarcoma (SEAL), among others.
Additional Phase 1, Phase 2 and Phase 3 studies are ongoing or
currently planned, including multiple studies in combination with
one or more approved therapies in a variety of tumor types to
further inform the Company's clinical development priorities for
selinexor. 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.
Velcade® is a registered trademark of Takeda
Pharmaceutical Company Limited
Contacts:
Investors:Kimberly Minarovich(646)
368-8014kimberly@argotpartners.com
Mary Jenkins(617) 340-6073
mary@argotpartners.com
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