Crinetics Pharmaceuticals Announces July 2024 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
11 July 2024 - 9:29AM
Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) today announced that
on July 10, 2024, the Compensation Committee of Crinetics’ Board of
Directors granted non-qualified stock option awards to purchase an
aggregate of 137,900 shares of its common stock to eighteen new
non-executive employees under the Crinetics Pharmaceuticals, Inc.
2021 Employment Inducement Incentive Award Plan (the “2021
Inducement Plan”). The stock options were granted as inducements
material to the employees entering into employment with Crinetics
in accordance with Nasdaq Listing Rule 5635(c)(4).
The 2021 Inducement Plan is used exclusively for the grant of
equity awards to individuals who were not previously employees of
Crinetics, or following a bona fide period of non-employment, as an
inducement material to such individuals’ entering into employment
with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4). The
options have an exercise price of $50.80 per share, which is equal
to the closing price of Crinetics’ common stock on The Nasdaq
Global Select Market on July 10, 2024. The shares subject to the
stock options will vest over four years, with 25% of the shares
vesting on the one-year anniversary of the applicable vesting
commencement date and the balance of the shares vesting in a series
of 36 successive equal monthly installments thereafter, subject to
each employee’s continued employment with Crinetics on such vesting
dates. The options are subject to the terms and conditions of the
2021 Inducement Plan and the terms and conditions of a stock option
agreement covering the grant.
About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a clinical stage pharmaceutical
company focused on the discovery, development, and
commercialization of novel therapeutics for endocrine diseases and
endocrine-related tumors. Paltusotine, an investigational,
first-in-class, oral somatostatin receptor type 2 (SST2) agonist,
is in Phase 3 clinical development for acromegaly and in Phase 2
clinical development for carcinoid syndrome associated with
neuroendocrine tumors. Crinetics is also developing atumelnant
(CRN04894), an investigational, first-in-class, oral ACTH
antagonist, that is currently completing Phase 2 clinical studies
for the treatment of congenital adrenal hyperplasia and Cushing’s
disease. All of the company’s drug candidates are orally delivered,
small molecule new chemical entities resulting from in-house drug
discovery efforts, including additional discovery programs
addressing a variety of endocrine conditions such as
hyperparathyroidism, polycystic kidney disease, Graves’ disease,
thyroid eye disease, diabetes and obesity.
Investors: Gayathri DiwakarHead of Investor
Relationsgdiwakar@crinetics.com(858) 345-6340
Media: Natalie BadilloHead of Corporate
Communications nbadillo@crinetics.com (858) 450-6464
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