Viracta Therapeutics Announces New Employment Inducement Grant
August 18 2023 - 4:05PM
Viracta Therapeutics, Inc. (Nasdaq: VIRX), a clinical-stage
precision oncology company focused on the treatment and prevention
of virus-associated cancers that impact patients worldwide, today
announced that, in connection with the appointment of Darrel P.
Cohen, M.D., Ph.D. as Viracta’s new Chief Medical Officer, the
Compensation Committee of Viracta’s Board of Directors granted Dr.
Cohen a non-qualified stock option to purchase 235,000 shares of
common stock under Viracta’s 2021 Inducement Equity Incentive Plan.
The option vests over four years, with 25% vesting on the one-year
anniversary of Dr. Cohen’s employment commencement date and the
remaining 75% vesting in equal monthly increments over the
succeeding 36 months, subject to Dr. Cohen’s continuous service to
Viracta through each vesting date. The option has an exercise price
of $1.23 per share, which is equal to the closing price per share
of Viracta’s common stock on August 16, 2023.
The inducement award was made under Viracta’s
2021 Inducement Equity Incentive Plan and related stock option
agreement, which have terms and conditions generally consistent
with those of Viracta’s 2021 Equity Incentive Plan. The Inducement
Plan is used exclusively to grant equity awards to individuals who
were not previously an employee or non-employee director of Viracta
as an inducement material to such individual’s entering into
employment with Viracta in accordance with Nasdaq Listing Rule
5635(c)(4).
About Viracta Therapeutics,
Inc.Viracta is a clinical-stage precision oncology company
focused on the treatment and prevention of virus-associated cancers
that impact patients worldwide. Viracta’s lead product candidate is
an all-oral combination therapy of its proprietary investigational
drug, nanatinostat, and the antiviral agent valganciclovir
(collectively referred to as Nana-val). Nana-val is currently being
evaluated in multiple ongoing clinical trials, including a pivotal,
global, multicenter, open-label Phase 2 basket trial for the
treatment of multiple subtypes of relapsed or refractory (R/R)
Epstein-Barr virus-positive (EBV+) lymphoma (NAVAL-1), as well as a
multinational, open-label Phase 1b/2 clinical trial for the
treatment of patients with recurrent or metastatic (R/M) EBV+
nasopharyngeal carcinoma (NPC) and other advanced EBV+ solid
tumors. Viracta is also pursuing the application of its “Kick and
Kill” approach in other virus-related cancers.
For additional information please visit
www.viracta.com.
Investor Relations Contact:
Ashleigh BarretoHead of Investor Relations & Corporate
CommunicationsViracta Therapeutics, Inc.abarreto@viracta.com
SOURCE Viracta Therapeutics, Inc.
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