NEWTON, Mass., Aug. 2, 2021 /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 74,600 shares of
Karyopharm's common stock to 11 newly-hired employees, with a grant
date of July 30, 2021. 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 $8.33
per share, the closing price of Karyopharm's common stock
on July 30, 2021. 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 first-in-class drugs directed against nuclear
export for the treatment of cancer and other 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),
is approved in the U.S. in multiple hematologic malignancy
indications, including in combination with Velcade®
(bortezomib) and dexamethasone for the treatment of adult patients
with multiple myeloma after at least one prior therapy, in
combination with dexamethasone for the treatment of adult patients
with heavily pretreated multiple myeloma and as a monotherapy for
the treatment of adult patients with relapsed or refractory diffuse
large B-cell lymphoma. NEXPOVIO® (selinexor) has also
been granted conditional marketing authorization in combination
with dexamethasone for adult patients with heavily pretreated
multiple myeloma by the European Commission. 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.
XPOVIO® and NEXPOVIO® are registered
trademarks of Karyopharm Therapeutics Inc. Any other trademarks
referred to in this release are the property of their respective
owners.
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SOURCE Karyopharm Therapeutics Inc.