Cidara Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
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SAN DIEGO, April 01, 2021 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections, today announced that the Compensation Committee of its Board of Directors granted non-qualified stock option awards and restricted stock units for an aggregate of 27,000 shares of its common stock to four new employees, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, with a grant date of March 31, 2021. Each of the stock options has an exercise price of $2.66 per share, which is equal to the closing price of Cidara’s common stock on the grant date. The shares subject to the 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. The restricted stock units will vest in four equal installments, with 25% vesting on the one-year anniversary of the 10th day of the last month of the quarter in which the RSUs were granted and the balance vesting in three equal annual installments on each anniversary thereof, such that the restricted stock units will become fully vested on the four-year anniversary of the vesting commencement date. The awards are subject to the award holders’ continuous service through each vesting date and to the terms and conditions of the company’s 2020 Inducement Incentive Plan and its standard forms of grant agreements thereunder.
The foregoing equity awards were granted as inducements material to the employees entering into employment with Cidara, in accordance with Nasdaq Listing Rule 5635(c)(4). The Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Cidara, or following a bona fide period of non-employment, as an inducement material to such individual’s entering into employment with Cidara, pursuant to Nasdaq Listing Rule 5635(c)(4).
About Cidara Therapeutics
Cidara is developing long-acting therapeutics designed to transform the standard of care for patients facing serious fungal or viral infections. The Company’s portfolio is comprised of its lead antifungal candidate, rezafungin, in addition to antiviral conjugates (AVCs) for the prevention and treatment of influenza and other viral diseases from Cidara’s proprietary Cloudbreak® antiviral platform. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.
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