SAN DIEGO, Sept. 29, 2023 (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 granted Nicole Davarpanah, M.D., J.D., a new employee, a non-qualified stock option award and restricted stock units (RSUs) for an aggregate of 330,000 shares of its common stock, pursuant to the Cidara Therapeutics, Inc. 2020 Inducement Incentive Plan, with a grant date of September 29, 2023. The stock option has an exercise price of $0.94 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 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 Cidara's 2020 Inducement Incentive Plan and its 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 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 Therapeutics is using its proprietary Cloudbreak® platform to develop novel drug-Fc conjugates (DFCs). These targeted immunotherapies offer the unique opportunity to create "single molecule cocktails" comprised of targeted small molecules and peptides coupled to a human antibody fragment (Fc). DFCs are designed to save lives and improve the standard of care for patients facing cancers and other serious diseases by inhibiting specific disease targets while simultaneously engaging the immune system. In addition, Cidara received FDA approval for REZZAYO (rezafungin for injection), which it has licensed to multiple partners to commercialize in the U.S. and ex-U.S. 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:
Veronica Eames
LifeSci Communications
646-970-4682
veames@lifescicomms.com
