Cytokinetics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 02 2024 - 4:00PM
Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that on
April 30, 2024 it granted stock options to purchase an aggregate of
29,646 shares of common stock and 17,012 shares of restricted stock
units (RSUs) convertible into shares of common stock upon vesting
to five new employees, whose employment commenced in April 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 the new employee’s
continued service with the Company. The stock options that were
granted are subject to an exercise price of $61.32 per share, which
is equal to the closing price of the Company’s common stock on
April 30, 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 each employee’s option over the subsequent 36 months,
subject to the new employee’s continued service with the Company.
Each stock option has 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 stock option agreement pursuant to
which the option was granted.
The options 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 first-in-class muscle activators and
next-in-class muscle inhibitors 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. Cytokinetics is preparing for
regulatory submissions for aficamten, its next-in-class cardiac
myosin inhibitor, following positive results from SEQUOIA-HCM, the
pivotal Phase 3 clinical trial in obstructive hypertrophic
cardiomyopathy. Aficamten is also currently being evaluated in two
ongoing Phase 3 clinical trials: MAPLE-HCM, evaluating aficamten as
monotherapy compared to metoprolol as monotherapy in patients with
obstructive HCM and ACACIA-HCM, evaluating aficamten in patients
with non-obstructive HCM. Cytokinetics is also developing omecamtiv
mecarbil, a cardiac muscle activator, in patients with heart
failure. Additionally, Cytokinetics is developing CK-586, a cardiac
myosin inhibitor with a mechanism of action distinct from aficamten
for the potential treatment of HFpEF, and CK-136, a cardiac
troponin activator for the potential treatment HFrEF and other
types of heart failure, such as right ventricular failure resulting
from impaired cardiac contractility.
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:CytokineticsDiane WeiserSenior Vice President, Corporate
Affairs(415) 290-7757
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