RESEARCH TRIANGLE PARK, N.C., Dec. 06, 2017 (GLOBE NEWSWIRE) -- G1 Therapeutics, Inc. (Nasdaq:GTHX), a clinical-stage oncology company, today announced the grant of an equity inducement award to Barclay (Buck) Phillips, who joined the Company as Chief Financial Officer and Senior Vice President, Corporate Development, on November 13, 2017. G1’s board of directors approved the award on December 6, 2017, as an inducement material to Mr. Phillips entering into employment with the Company, in accordance with Nasdaq Listing Rule 5635(c)(4).
The inducement grant to Mr. Phillips consisted of an option to purchase up to 150,000 shares of common stock. The inducement grant option is exercisable at a price of $19.46 per share, equal to the closing price per share of G1’s common stock, as reported by Nasdaq on December 6, 2017. The inducement stock option vests over a four-year period, subject to Mr. Phillips’ continued service with the Company through the applicable vesting dates, pursuant to the following vesting schedule: 25 percent of the shares on the first anniversary of the commencement of Mr. Phillips’ employment with the Company on November 13, 2017, and an additional 1/48th of the shares monthly thereafter.
About G1 Therapeutics
G1 Therapeutics, Inc., is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapeutics for the treatment of cancer. G1’s two clinical assets, trilaciclib and G1T38, are CDK4/6 inhibitors, a validated and promising class of targets for anti-cancer therapeutics. Trilaciclib and G1T38 have broad therapeutic potential in many forms of cancer and may serve as the backbone of multiple combination regimens. In addition, G1 is advancing G1T48, a potential first/best-in-class oral selective estrogen receptor degrader, or SERD, which is targeted for the treatment of ER+ breast cancer.
G1 is based in Research Triangle Park, N.C. For additional information about G1, please visit www.g1therapeutics.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions, or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this news release include, but are not limited to, the therapeutic potential of trilaciclib, G1T38 and G1T48, and the timing for data readouts regarding G1 Therapeutics’ product candidates, and are based on G1 Therapeutics’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Factors that may cause G1 Therapeutics’ actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in G1 Therapeutics’ filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein and include, but are not limited to, the inherent uncertainties associated with developing new products or technologies and operating as a development-stage company; G1’s ability to complete clinical trials for, obtain approvals for, and commercialize any of its product candidates; G1’s ability to recruit and enroll patients in our studies; competition in the industry in which we operate; and market conditions. Except as required by law, G1 Therapeutics assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
6 Degrees Communications