NEWARK, N.J., Sept. 17, 2021 /PRNewswire/ -- Rafael Holdings,
Inc., (NYSE: RFL), a pharmaceutical holding company focused on
developing novel cancer metabolism therapeutics through its Barer
Institute and investment in Rafael Pharmaceuticals, Inc., announced
today it made a grant to Patrick
Fabbio of options to purchase 105,602 shares of Class B
common stock of the Company with an exercise price equal to
$36.32, the closing price of the
Class B common stock on September 16,
2021, the trading day prior to the grant.
The options shall vest as follows: 25% shall vest on the
first anniversary of the grant date and additional equity with
respect to 2.0833% of the options shall vest on each monthly
anniversary of September 17, 2022,
such that all equity shall vest by September
17, 2025.
The options were granted under Rafael's 2018 Equity Incentive
Plan, which was amended and restated to create an additional pool
of 105,602 shares of Rafael's Class B common stock to be used
exclusively for the grant of inducement awards in compliance with
New York Stock Exchange Rule 303A.08 ("Rule 303A.08"). The
option grant was approved by the Compensation Committee of the
Board of Directors and was offered as a material inducement to Mr.
Fabbio's hiring as Chief Financial Officer of the Company in
reliance on the employment inducement exemption under Rule 303A.08.
Mr. Fabbio joined the Company on September
13, 2021.
The option grant described above will be subject to the terms of
the 2018 Equity Incentive Plan, as amended and
restated.
About Rafael Holdings, Inc.
Rafael Holdings is focused
on the development of novel cancer therapies. The company owns
the Barer Institute and is a significant investor in two clinical
stage oncology companies, Rafael Pharmaceuticals, Inc., and
LipoMedix Pharmaceuticals Ltd. Through its wholly owned Barer
Institute subsidiary, the company is developing a pipeline of
compounds focused on the regulation of cancer
metabolism. On June 21, 2021, Rafael Holdings, Inc.,
(NYSE: RFL) announced that it has entered into a merger agreement
to acquire full ownership of Rafael Pharmaceuticals, Inc. For more
information, visit www.rafaelholdings.com.
About Rafael Pharmaceuticals, Inc.
Rafael
Pharmaceuticals is a clinical-stage oncology company focused on
selectively targeting cancer metabolic pathways while
simultaneously harnessing the immune system to attack hard-to-treat
cancers. The Company's lead drug, CPI-613 (devimistat), is being
evaluated in multiple clinical studies including two Phase 3
registrational clinical trials for metastatic pancreatic cancer and
r/r acute myeloid leukemia. Multiple Phase 1/2 clinical trials are
ongoing or planned in Biliary, r/r Burkitt, r/r Clear Cell Sarcoma,
r/r T-cell lymphoma, r/r MDS, and Colorectal cancer. The Company
plans continues to discover and advance its internal cancer
metabolism research programs and expects its Dual-SHMT Inhibitor to
enter Phase 1 in late 2022/early 2023. The Company's investors
include Rafael Holdings, Inc. (NYSE: RFL). For more information,
please visit www.rafaelpharma.com.
Forward Looking Statements
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements contained
in this press release that do not relate to matters of historical
fact should be considered forward-looking statements, including
without limitation statements regarding our expectations
surrounding the potential, safety, efficacy, and regulatory and
clinical progress of our product candidates; plans and timing for
the release of additional clinical data; and the potential of our
pipeline, including our internal cancer metabolism research
programs. These statements are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements, including, but not limited to, the
following: the impact of public health threats, including COVID-19,
on our business and operations; we depend heavily on the success of
Rafael Pharmaceuticals and the future success of its lead product
candidate devimistat (CPI-613® (devimistat)), and clinical trials
of the product candidate may not be successful; our pharmaceutical
companies may not be able to develop any medicines of commercial
value; our pharmaceutical companies may not be successful in their
efforts to identify or discover potential product candidates; the
manufacturing and manufacturing development of our products and
product candidates present technological, logistical and regulatory
risks, each of which may adversely affect our potential revenue;
potential unforeseen events during clinical trials could cause
delays or other adverse consequences; risks relating to the
regulatory approval process; interim, topline and preliminary data
may change as more patient data become available, and are subject
to audit and verification procedures that could result in material
changes in the final data; our product candidates may cause serious
adverse side effects; ongoing regulatory obligations; effects of
significant competition; unfavorable pricing regulations,
third-party reimbursement practices or healthcare reform
initiatives; product liability lawsuits; failure to attract, retain
and motivate qualified personnel; the possibility of system
failures or security breaches; risks relating to intellectual
property and significant costs as a result of operating as a public
company. These and other important factors discussed under the
caption "Risk Factors" in our Annual Report on Form 10-K for the
year ended July 31, 2020, and our
other filings with the SEC could cause actual results to differ
materially from those indicated by the forward-looking statements
made in this press release. Any such forward-looking statements
represent management's estimates as of the date of this press
release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
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SOURCE Rafael Holdings, Inc.