NEWARK, Calif., May 18, 2021 (GLOBE NEWSWIRE) -- CymaBay Therapeutics, Inc. (NASDAQ: CBAY), a clinical-stage biopharmaceutical company focused on developing therapies for liver and other chronic diseases with high unmet need, today announced the grant of an inducement award to Dennis Kim, MD in connection with his appointment as the company’s Chief Medical Officer. The Compensation Committee of the Board of Directors of CymBay approved the grant of a non-qualified stock option to purchase an aggregate of 390,000 shares of its common stock as an inducement material to Dr. Kim entering into employment with CymaBay in accordance with Nasdaq Listing Rule 5635(c)(4), and is subject to the terms and conditions of the applicable award agreement covering such grant.
This stock option grant has an exercise price of $4.37 per share, which is equal to the closing price of CymaBay’s common stock on May 17, 2021, the date of grant for the stock option. The stock option will vest and become exercisable as to 25% of the underlying shares on May 17, 2022, and will vest and become exercisable as to the remaining 75% of the underlying shares in 36 equal monthly installments from May 17, 2022, subject to Dr. Kim’s continued employment with CymaBay on such vesting dates.
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on improving the lives of people with liver and other chronic diseases that have high unmet medical need through a pipeline of innovative therapies. Our deep understanding of the underlying mechanisms of liver inflammation and fibrosis, and the unique targets that play a role in their progression, have helped us receive breakthrough therapy designation (U.S. Food and Drug Administration), PRIority MEdicines status (European Medicines Agency) and orphan drug status (U.S. and Europe) for seladelpar, a first-in-class treatment for people with primary biliary cholangitis (PBC). Our evidence-based decision-making and commitment to the highest quality standards reflect our relentless dedication to the people, families and communities we serve. To learn more, visit www.cymabay.com and follow us on Twitter and Linkedin.
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