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.