SAN DIEGO, Oct. 10, 2022 (GLOBE NEWSWIRE) — Crinetics Pharmaceuticals, Inc. (Nasdaq: CRNX) right now introduced that on October 10, 2022, the Compensation Committee of Crinetics’ Board of Directors granted non-qualified inventory choice awards to buy an mixture of 237,600 shares of its widespread inventory to eleven new non-executive staff beneath the Crinetics Pharmaceuticals, Inc. 2021 Employment Inducement Incentive Award Plan (the “2021 Inducement Plan”). The inventory choices have been granted as inducements materials to the workers getting into into employment with Crinetics in accordance with Nasdaq Listing Rule 5635(c)(4).
The 2021 Inducement Plan is used solely for the grant of fairness awards to people who weren’t beforehand staff of Crinetics, or following a bona fide interval of non-employment, as an inducement materials to such people’ getting into into employment with Crinetics, pursuant to Nasdaq Listing Rule 5635(c)(4).
The choices have an train value of $16.89 per share, which is the same as the honest market worth of Crinetics’ widespread inventory on The Nasdaq Global Select Market on the date of grant, as decided beneath the 2021 Inducement Plan. The shares topic to the inventory choices will vest over 4 years, with 25% of the shares vesting on the one-year anniversary of the relevant vesting graduation date and the steadiness of the shares vesting in a sequence of 36 successive equal month-to-month installments thereafter, topic to every worker’s continued employment with Crinetics on such vesting dates. The choices are topic to the phrases and circumstances of the 2021 Inducement Plan and the phrases and circumstances of a inventory choice settlement overlaying the grant.
About Crinetics Pharmaceuticals
Crinetics Pharmaceuticals is a medical stage pharmaceutical firm targeted on the invention, improvement, and commercialization of novel therapeutics for uncommon endocrine illnesses and endocrine-related tumors. Paltusotine, a investigational, oral somatostatin receptor kind 2 (SST2) agonist, is in Phase 3 medical improvement for acromegaly and Phase 2 medical improvement for carcinoid syndrome related to neuroendocrine tumors. Crinetics has demonstrated pharmacologic proof-of-concept in Phase 1 medical research for CRN04777, an investigational, oral somatostatin receptor kind 5 (SST5) agonist for congenital hyperinsulinism, and for CRN04894, an investigational, oral ACTH antagonist for the remedy of Cushing’s illness, congenital adrenal hyperplasia, and different illnesses of extra ACTH. All of the corporate’s drug candidates are orally delivered, small molecule new chemical entities ensuing from in-house drug discovery efforts.
Contacts:
Chas Schultz
VP, IR & Corporate Communications
[email protected]
(858) 450-6464
Investors / Media:
Corey Davis
LifeSci Advisors, LLC
[email protected]
(212) 915-2577
Aline Sherwood
Scienta Communications
[email protected]
(312) 238-8957
