SAN DIEGO, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Cidara Therapeutics, Inc. (Nasdaq: CDTX), a biotechnology company using its proprietary Cloudbreak® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced that the Compensation Committee of its Board of Directors (Compensation Committee) granted Dipesh Bhatt, a new employee, a non-qualified stock option award and restricted stock units (RSUs) for an aggregate of 1,110 shares of its common stock, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, as amended (the Inducement Plan), with a grant date of September 30, 2024. The stock option has an exercise price of $10.75 per share, which is equal to the closing price of Cidara's common stock on the grant date. The shares subject to the option will vest over four years, with 25% of the shares vesting on the one-year anniversary of the vesting commencement date and the balance of the shares vesting in a series of 36 successive equal monthly installments thereafter. All RSUs vest in four equal annual installments, with 1/4 vesting on each of the first, second, third and fourth anniversaries of the Quarterly Vesting Date (as defined below) that occurs during the calendar quarter that includes the date of grant. "Quarterly Vesting Date" means March 10, June 10, September 10 or December 10. The awards are subject to the award holder's continuous service through each vesting date and to the terms and conditions of the Inducement Plan and the standard forms of grant agreements thereunder.
The foregoing equity award was granted as an inducement material to the employee entering into employment with Cidara, in accordance with Nasdaq Listing Rule 5635(c)(4). The Inducement 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).
Correction of Press Release issued August 19, 2024
In Cidara's press release issued on August 19, 2024, due to an administrative error, Cidara incorrectly announced that the Compensation Committee granted to Jim Beitel, MBA a non-qualified stock option award and RSUs for an aggregate of 71,000 shares of its common stock pursuant to the Inducement Plan. However, the total number of shares of Cidara's common stock underlying such non-qualified stock option award and RSUs is 81,000 shares.
About Cidara Therapeutics
Cidara Therapeutics is using its proprietary Cloudbreak® platform to develop novel drug-Fc conjugates (DFCs) comprising targeted small molecules or peptides coupled to a proprietary human antibody fragment (Fc). Cidara's lead DFC candidate, CD388, is a long-acting antiviral designed to achieve universal prevention of seasonal and pandemic influenza with a single dose by directly inhibiting viral proliferation. In June 2023, CD388 was granted Fast Track Designation by the U.S. Food and Drug Administration (FDA), and the Company announced initiation of a Phase 2b trial in September 2024. Additional DFCs have been developed for oncology and in July 2024 Cidara received IND clearance for CBO421 which is intended to target CD73 in solid tumors. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.
INVESTOR CONTACT:
Brian Ritchie
LifeSci Advisors
(212) 915-2578
britchie@lifesciadvisors.com
MEDIA CONTACT:
Michael Fitzhugh
LifeSci Communications
mfitzhugh@lifescicomms.com
