Editas Medicine Reports Inducement Grant to New Chief Medical Officer

Rhea-AI Summary

Editas Medicine, Inc. (Nasdaq: EDIT) has granted an inducement stock option award to its newly appointed Chief Medical Officer, Dr. Baisong Mei. This option allows Dr. Mei to purchase up to 171,602 shares at a price of $14.99 each, reflecting the closing price on the grant date. The option vests over four years, with 25% vesting after the first year and the remainder monthly, contingent on Dr. Mei's continued service. Editas focuses on CRISPR/Cas9 and Cas12a technologies to develop genomic treatments for serious diseases.

Positive

• Appointment of a new Chief Medical Officer, potentially strengthening the executive team.
• Inducement stock option aligns Dr. Mei's interests with shareholders by offering equity incentive.

Negative

• None.

CAMBRIDGE, Mass., July 20, 2022 (GLOBE NEWSWIRE) -- Editas Medicine, Inc. (Nasdaq: EDIT), a leading genome editing company, today announced the grant of an inducement award to the Company’s newly appointed Chief Medical Officer, Baisong Mei, M.D., Ph.D. In connection with Dr. Mei’s appointment, the Editas Medicine Board of Directors approved a stock option grant to Dr. Mei as an inducement material to Dr. Mei entering into employment with Editas Medicine in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option provides for the purchase of up to 171,602 shares of Editas Medicine common stock at a price of $14.99 per share, the closing price per share of Editas Medicine common stock as reported by Nasdaq on the date of grant, and vests over four years, with 25 percent of the shares vesting on the first anniversary of Dr. Mei’s employment start date, and the remainder vesting ratably at the end of each subsequent month thereafter, subject to Dr. Mei’s continued service relationship with Editas Medicine through the applicable vesting dates. 

About Editas Medicine
As a leading genome editing company, Editas Medicine is focused on translating the power and potential of the CRISPR/Cas9 and CRISPR/Cas12a (also known as Cpf1) genome editing systems into a robust pipeline of treatments for people living with serious diseases around the world. Editas Medicine aims to discover, develop, manufacture, and commercialize transformative, durable, precision genomic medicines for a broad class of diseases. Editas Medicine is the exclusive licensee of Harvard and Broad Institute’s Cas9 patent estates and Broad Institute’s Cas12a patent estate for human medicines. For the latest information and scientific presentations, please visit www.editasmedicine.com.

FAQ

What is the stock option grant for Editas Medicine's new CMO, Dr. Baisong Mei?

Dr. Baisong Mei has been granted a stock option for 171,602 shares at $14.99 each, vesting over four years.

When does the stock option for Editas Medicine's CMO vest?

The stock option vests 25% after one year, with the remainder vesting monthly thereafter.

What is the significance of the stock option grant for Editas Medicine?

The grant is intended to incentivize Dr. Mei to contribute to the company's success, aligning her interests with shareholders.

What is Editas Medicine's focus in the biotech industry?

Editas Medicine focuses on developing genomic medicines using CRISPR technologies to treat serious diseases.