Cytokinetics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
December 03 2024 - 4:00PM
Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on
November 29, 2024 it granted stock options to purchase an aggregate
of 34,515 shares of common stock and 22,410 restricted stock units
(RSUs) that will be settled into shares of common stock upon
vesting to 7 employees, whose employment commenced in November
2024, as a material inducement to their employment.
The RSUs will vest over 3 years, with 40% of the
RSUs vesting on the first anniversary of the applicable grant date,
an additional 40% of the RSUs vesting on the second anniversary of
the grant date and the final 20% vesting on the third anniversary
of the grant date, in each case, subject to each respective
employee’s continued service with the Company. The stock options
that were granted are subject to an exercise price of $51.86 per
share, which is equal to the closing price of the Company’s common
stock on November 29, 2024, 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 grant date and the remaining shares
thereafter vesting in monthly installments at a rate of 1/48th of
the shares underlying such stock options over the subsequent 36
months, subject to each respective employee’s continued service
with the Company. The stock options have a 10-year term. These
awards are subject to the terms and conditions of the Company's
Amended and Restated 2004 Equity Incentive Plan and the applicable
award agreements pursuant to which the awards were granted.
The stock options and RSUs were granted as
material inducements to employment in accordance with Nasdaq
Listing Rule 5635(c)(4).
About Cytokinetics
Cytokinetics is a late-stage, specialty
cardiovascular biopharmaceutical company focused on discovering,
developing and commercializing muscle biology-directed drug
candidates as potential treatments for debilitating diseases in
which cardiac muscle performance is compromised. As a leader in
muscle biology and the mechanics of muscle performance, the company
is developing small molecule drug candidates specifically
engineered to impact myocardial muscle function and contractility.
Following positive results from SEQUOIA-HCM, the pivotal Phase 3
clinical trial evaluating aficamten, a next-in-class cardiac myosin
inhibitor, in obstructive hypertrophic cardiomyopathy (HCM),
Cytokinetics is progressing regulatory submissions for aficamten
for the treatment of obstructive HCM in the US, Europe, and China.
Aficamten is also currently being evaluated in MAPLE-HCM, a Phase 3
clinical trial of aficamten as monotherapy compared to metoprolol
as monotherapy in patients with obstructive HCM, ACACIA-HCM, a
Phase 3 clinical trial of aficamten in patients with
non-obstructive HCM, CEDAR-HCM, a clinical trial of aficamten in a
pediatric population with obstructive HCM, and FOREST-HCM, an
open-label extension clinical study of aficamten in patients with
HCM. Cytokinetics is also developing omecamtiv mecarbil, a cardiac
muscle activator, in patients with heart failure with severely
reduced ejection fraction (HFrEF), CK-586, a cardiac myosin
inhibitor with a mechanism of action distinct from aficamten for
the potential treatment of heart failure with preserved ejection
fraction (HFpEF), and CK-089, a fast skeletal muscle troponin
activator (FSTA) for the potential treatment of a specific type of
muscular dystrophy.
For additional information about Cytokinetics,
visit www.cytokinetics.com and follow us on X, 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 particularly under the caption “Risk Factors”
in Cytokinetics’ latest Annual Report on Form 10-K. 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.
CYTOKINETICS® and the CYTOKINETICS and C-shaped
logo are registered trademarks of Cytokinetics in the U.S. and
certain other countries.
Contact:Cytokinetics Diane WeiserSenior Vice
President, Corporate Affairs(415) 290-7757
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