LEXINGTON, Mass.--(BUSINESS WIRE)--Sep. 4, 2014--
Synta Pharmaceuticals Corp. (NASDAQ: SNTA) today announced the grant of
an inducement award to its newly appointed Chief Executive Officer, Anne
Whitaker. The award was approved by the Board's Compensation Committee
and ratified by the full Board on August 1, 2014 as an inducement
material to Ms. Whitaker’s entering into employment with the Company in
accordance with NASDAQ Listing Rule 5635(c)(4). The award was approved
subject to her commencement of employment with the Company on September
The inducement grant consisted of 500,000 shares of restricted common
stock and an option to purchase up to 250,000 shares of common stock.
The restricted stock will vest as to 25% of the shares on September 2,
2015, and as to an additional 6.25% of the shares on the last day of
each successive three-month period thereafter, provided that she remains
employed by Synta on the vesting date. The options will be exercisable
at a price of $4.00 per share (the closing price on September 2, 2014)
and will vest as to 25% of the shares on September 2, 2015, and as to an
additional 6.25% of the shares on the last day of each successive
three-month period thereafter, provided that she remains employed by
Synta on the vesting date. In addition to the inducement grants Ms.
Whitaker also received an option to purchase 500,000 shares of common
stock pursuant to Synta’s shareholder-approved stock plan at the same
price and on the same terms as the inducement option grant.
About Synta Pharmaceuticals
Synta Pharmaceuticals Corp. is a biopharmaceutical company focused on
discovering, developing, and commercializing small molecule drugs to
extend and enhance the lives of patients with severe medical conditions,
including cancer and chronic inflammatory diseases. Synta has a unique
chemical compound library, an integrated discovery engine, and a diverse
pipeline of clinical- and preclinical-stage drug candidates with
distinct mechanisms of action and novel chemical structures. All Synta
drug candidates were invented by Synta scientists using its compound
library and discovery capabilities. For more information, please visit www.syntapharma.com.
Source: Synta Pharmaceuticals Corp.
Synta Pharmaceuticals Corp.
Daniel Cole, 781-541-7250
Andrea Rabney, 212-600-1494
Eliza Schleifstein, 917-763-8106