Insmed Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Insmed has announced the granting of inducement awards to nine new employees as part of their recruitment strategy, compliant with NASDAQ Listing Rule 5635(c)(4). Each employee received options to purchase a total of 42,320 shares at an exercise price of $33.25, the closing price on October 1, 2020. The options come with a ten-year term and a four-year vesting schedule, designed to retain talent in a competitive industry. Insmed focuses on advancing therapies for serious and rare diseases, including ARIKAYCE, brensocatib, and treprostinil palmitil.

Positive

• Inducement awards granted to nine new employees to enhance recruitment.
• Options to purchase 42,320 shares at an exercise price of $33.25 may incentivize employee performance.
• Strategic hiring aligns with Insmed's mission to develop rare disease therapies.

Negative

• None.

BRIDGEWATER, N.J., Oct. 2, 2020 /PRNewswire/ – Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases, today announced the granting of inducement awards to nine new employees. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Insmed's Compensation Committee and made as a material inducement to each employee's entry into employment with the Company.

In connection with the commencement of their employment, the employees received options on October 1, 2020 to purchase an aggregate 42,320 shares of Insmed common stock at an exercise price of $33.25 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.

The options have a ten-year term and a four-year vesting schedule, with 25% of the shares subject to the option vesting on the first anniversary of the relevant grant date and 12.5% of the shares subject to the option vesting every six months thereafter through the fourth anniversary of the relevant grant date, subject to the relevant employee's continued service with Insmed on the applicable vesting date.

About Insmed

Insmed Incorporated is a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases. Insmed's first commercial product, ARIKAYCE® (amikacin liposome inhalation suspension), is the first and only therapy approved in the United States for the treatment of refractory Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options. MAC lung disease is a chronic, debilitating condition that can cause severe and permanent lung damage. Insmed is also advancing brensocatib, a novel oral reversible inhibitor of dipeptidyl peptidase 1 with therapeutic potential in bronchiectasis and other inflammatory diseases, and treprostinil palmitil, an inhaled formulation of a treprostinil prodrug that may offer a differentiated product profile for rare pulmonary disorders, including pulmonary arterial hypertension. For more information, visit www.insmed.com.

Contact:

Investors:

Argot Partners
Laura Perry or Heather Savelle
(212) 600-1902
insmed@argotpartners.com 

Media:

Mandy Fahey
Senior Director, Corporate Communications
Insmed
(732) 718-3621
amanda.fahey@insmed.com

 

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SOURCE Insmed Incorporated

FAQ

What inducement awards were announced by Insmed on October 2, 2020?

Insmed announced inducement awards for nine new employees, granting options to purchase 42,320 shares at $33.25 each.

How many shares were granted in the inducement awards by Insmed?

A total of 42,320 shares were granted to nine new employees as options.

What is the exercise price for the shares granted to new employees at Insmed?

The exercise price for the granted shares is $33.25.

What is the vesting schedule for the employee options granted by Insmed?

The options have a four-year vesting schedule with 25% vesting after one year and 12.5% every six months thereafter.

What is Insmed's focus in the biopharmaceutical industry?

Insmed focuses on developing therapies for serious and rare diseases.