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

Rhea-AI Summary

Insmed Incorporated (Nasdaq: INSM) announced on July 6, 2020, the granting of inducement awards to 11 new employees. These awards, approved by Insmed's Compensation Committee, consist of options to purchase a total of 66,400 shares of common stock at an exercise price of $29.19 per share, the closing price on the date of grant (July 1, 2020). The options have a ten-year term and a four-year vesting schedule. Insmed is focused on transforming the lives of patients with serious and rare diseases, with ARIKAYCE® as its first commercial product for treating MAC lung disease.

Positive

• Inducement awards granted to 11 new employees signify company growth and investment in workforce.
• Options to purchase 66,400 shares at $29.19 could enhance employee retention and motivation.

Negative

• None.

BRIDGEWATER, N.J., July 6, 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 11 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 July 1, 2020 to purchase an aggregate 66,400 shares of Insmed common stock at an exercise price of $29.19 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's earlier-stage clinical pipeline includes brensocatib, a novel oral reversible inhibitor of dipeptidyl peptidase 1 with therapeutic potential in non-cystic fibrosis 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 are the inducement awards announced by Insmed on July 6, 2020?

Insmed announced inducement awards to 11 new employees, which include options to purchase 66,400 shares of common stock at $29.19 each.

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

The inducement awards involved options for a total of 66,400 shares of Insmed common stock.

What is the exercise price for the options granted to Insmed's new employees?

The exercise price for the options is $29.19 per share.

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

The options have a four-year vesting schedule, with 25% vesting on the first anniversary and 12.5% every six months thereafter.

What is Insmed's mission?

Insmed is committed to transforming the lives of patients with serious and rare diseases.