Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) has made a move regarding its common stock. On December 4, 2017, the company’s Board of Directors Compensation Committee confirmed having sanctioned the grant of inducement stock options to purchase an aggregate of 60,000 to one of its new employees. The award was granted in accordance with the company’s Inducement Plan and as per NASDAQ Listing Rule 5635(c)(4).
Following Rigel’s move, a new employee will be able to purchase shares of Rigel’s common stock with an exercise price of $4.09 per share. However, there are various options, which have been vested in the stock and they include certainty of the shares of common stock. This is subject to the award vested over a four year period.
Rigel’s CEO is optimistic about the company’s progress
Rigel Pharmaceuticals’ president and CEO Raul Rodriguez says he is happy with the company’s progress. So far, there has been notable success, one of them being the recent activity from the Food and Drug Administration (FDA), which focused on rare hematologic disease.
The company is now awaiting the NDA Review of its lead product Fostermatinib, a treatment for immune thrombocytopenia. Speaking at the 59th American Society of Hematology (ASH) Annual Meeting and Exposition, Rodriguez expressed his optimism about the company’s plans in pursuing a second indication
Let’s explore Rigel Pharmaceuticals
The clinical-stage biotechnology company is primarily involved in the discovery and development of drugs in various therapeutic areas. Rigel’s dedication is also geared towards providing novel small molecule drugs, which are expected to have a positive impact on the lives of patients with immune and hematological disorders. Some of the company’s current clinical programs are on fostamatinib.
The oral spleen tyrosine kinase (SYK) inhibitor has completed its Phase III clinical program for immune thrombocytopenia purpura and has so far recorded negative earnings. All these changes come at a time when the scientific industry is experiencing massive evolution.
Nonetheless, the company is not done yet given that it has partnered with BerGenBio AS, Aclaris Therapeutics and Daiichi Sankyo in the development of product candidates, of which a majority are in Phase I and Phase II.