Cara Therapeutics Announces Equity Grants to Employees Under Inducement Plan
December 06 2019 - 4:01PM
Cara Therapeutics, Inc. (Nasdaq: CARA), a biopharmaceutical company
focused on developing and commercializing new chemical entities
designed to alleviate pruritus by selectively targeting peripheral
kappa opioid receptors, today announced that the Compensation
Committee of Cara’s Board of Directors has approved the grant of
non-qualified stock options to purchase an aggregate of 47,500
shares of common stock, to be distributed among two new
non-executive employees, pursuant to Cara’s 2019 Inducement Plan.
The awards have a grant date of December 2, 2019
and an exercise price of $25.88 per share, which is equal to the
closing price of Cara’s common stock on the date of grant. In each
case, 25% of the shares underlying the options will vest on the
first anniversary of the date of grant, with the remainder vesting
in 36 equal monthly installments over the subsequent three-year
period, in all cases contingent on such employee’s continued
service with Cara on the applicable vesting date.
The stock options were granted as inducement
material to each new employee entering into employment with Cara in
accordance with Nasdaq Listing Rule 5635(c)(4).
About Cara Therapeutics
Cara Therapeutics is a clinical-stage
biopharmaceutical company focused on developing and commercializing
new chemical entities designed to alleviate pruritus by selectively
targeting peripheral kappa opioid receptors, or KORs. Cara is
developing a novel and proprietary class of product candidates, led
by KORSUVA™ (CR845/difelikefalin), a first-in-class KOR agonist
that targets KORs located in the peripheral nervous system, and on
immune cells. In a Phase 3 and two Phase 2 trials, KORSUVA
(CR845/difelikefalin) Injection has demonstrated statistically
significant reductions in itch intensity and concomitant
improvement in pruritus-related quality of life measures in
hemodialysis patients with moderate-to-severe chronic kidney
disease-associated pruritus (CKD-aP), and is currently being
investigated in Phase 3 trials in hemodialysis patients with
CKD-aP. Oral KORSUVA is in Phase 2 trials for the treatment of
pruritus in patients with CKD, atopic dermatitis and primary
biliary cholangitis (PBC).
The FDA has conditionally accepted KORSUVA™ as
the trade name for difelikefalin injection. CR845/difelikefalin is
an investigational drug product and its safety and efficacy have
not been fully evaluated by any regulatory authority.
MEDIA CONTACT: Annie Starr 6
Degrees 973-415-8838 astarr@6degreespr.com
INVESTOR CONTACT: Jane Urheim
Stern Investor Relations, Inc. 212-362-1200
jane.urheim@sternir.com
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