CTI Bio-Pharma board of directors approves equity awards for three new hires. | Stock photo
CTI Bio-Pharma board of directors approves equity awards for three new hires. | Stock photo
Last week, Seattle-based biopharmaceutical company CTI Bio-Pharma announced the approval of equity awards to three newly hired employees by its board of directors. The action entitle the trio to purchase 92.000 shares of the company's common stock. The shares were priced at $3.18 at the market close date of Feb. 24 when the grants were offered.
The inducement grants bring highly prized employees to the company, which focuses its expertise on the study and treatment of blood-related cancers. Its primary therapy, Pacritinib, was formulated to treat a rare bone-marrow cancer, myelofibrosis (MF), that interferes with normal production of red blood cells and causes scarring in the marrow. The chronic form of leukemia CTI Bio-Pharma's oral kinase inhibitor is currently in trials for treatment of myeloproliferative diseases.
The company continues seeking FDA approval for the promising drug, which has been shown to alleviate some symptoms in myelofibrosis, which include enlarged spleen. The disease can be difficult to detect because many patients are non-symptomatic. People suffering with MF require regular monitoring.
Previously on Feb. 10, two new employees were also offered inducement grants. Members of the board of directors are Dr. Adam R. Craig, president and CEO; Dr. David Parkinson; Dr. Lauren Fischer; Michael Metzger, Matthew Perry; and Dr. Reed Tuckson. The company will present a corporate overview at the Cowen 41st Annual Health Care Conference on March 4. The conference takes place virtually beginning March 1.
CTI Bio-Pharma's IPO was in 1997. Shares are listed on the NASDAQ Capital Market in the U.S. under CTIC.
Alerts Sign-up