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

Rhea-AI Summary

On April 6, 2023, Insmed (Nasdaq: INSM) announced the granting of inducement awards to 24 new employees as per NASDAQ Listing Rule 5635(c)(4). The awards consist of options to purchase a total of 182,880 shares of common stock at an exercise price of $17.37, which corresponds to the closing trading price on the date of grant, April 3, 2023. The options feature a 10-year term and a four-year vesting schedule, with shares vesting incrementally over that period. Insmed is focused on transforming the lives of patients with serious and rare diseases, with its first commercial product approved in multiple regions to treat a chronic lung disease.

Positive

• Inducement awards to 24 new employees signaling growth.
• Options granted for a total of 182,880 shares at an exercise price of $17.37.
• A structured vesting schedule promoting employee retention.

Negative

• None.

BRIDGEWATER, N.J., April 6, 2023 /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 24 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 April 3, 2023 to purchase an aggregate 182,880 shares of Insmed common stock at an exercise price of $17.37 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.

The options have a 10-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 is a first-in-disease therapy approved in the United States, Europe, and Japan to treat a chronic, debilitating lung disease. The Company is also progressing a robust pipeline of investigational therapies targeting areas of serious unmet need, including neutrophil-mediated inflammatory diseases and rare pulmonary disorders. Insmed is headquartered in Bridgewater, New Jersey, with a footprint across Europe and in Japan. For more information, visit www.insmed.com.

Contact:

Investors:

Bryan Dunn 
Executive Director, Investor Relations 
Insmed 
(646) 812-4030 
bryan.dunn@insmed.com

Eleanor Barisser
Associate Director, Investor Relations 
Insmed
(718) 594-5332
eleanor.barisser@insmed.com 

Media:

Mandy Fahey 
Executive 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 April 6, 2023?

Insmed announced inducement awards to 24 new employees consisting of options to purchase 182,880 shares at an exercise price of $17.37.

How many shares were granted as inducement awards to new employees at Insmed?

A total of 182,880 shares were granted to the new employees as inducement awards.

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

The exercise price for the stock options granted is $17.37 per share.

What is the vesting schedule for the stock options awarded 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 focus as a biopharmaceutical company?

Insmed is focused on transforming the lives of patients with serious and rare diseases.