Mersana Therapeutics Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Mersana Therapeutics (Nasdaq: MRSN) has announced the appointment of Tushar Misra, Ph.D., as Senior Vice President and Chief Manufacturing Officer, with a stock option grant of up to 112,500 shares priced at $11.56 each. This grant serves as an inducement for Dr. Misra's employment and vests over four years. Mersana specializes in antibody-drug conjugates (ADCs) for cancer treatment, with lead candidate upifitamab rilsodotin currently in clinical studies for ovarian cancer. The company aims to enhance efficacy and safety in treating cancer patients.

Positive

• Appointment of Tushar Misra as Senior Vice President and Chief Manufacturing Officer.
• Issuance of stock options as an inducement for hiring, aligning interests with shareholders.
• Mersana's focus on ADCs targets high unmet medical needs in cancer treatment.

Negative

• None.

CAMBRIDGE, Mass., Aug. 18, 2021 (GLOBE NEWSWIRE) -- Mersana Therapeutics, Inc. (Nasdaq: MRSN), a clinical-stage biopharmaceutical company focused on discovering and developing a pipeline of antibody-drug conjugates (ADCs) targeting cancers in areas of high unmet medical need, today announced the grant of an inducement award to the newly appointed Senior Vice President and Chief Manufacturing Officer, Tushar Misra, Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Mr. Misra as an inducement material to Mr. Misra entering into employment with Mersana Therapeutics, in accordance with Nasdaq Listing Rule 5635(c)(4). The stock option grant provides for the purchase of up to 112,500 shares of Mersana Therapeutics common stock, at a price of $11.56 per share, the closing price per share of Mersana Therapeutics common stock on the date of grant, and vests over four years, with 25% of the shares vesting on the first anniversary of the Mr. Misra’s employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Mr. Misra’s continued employment with Mersana Therapeutics through such applicable vesting dates.

About Mersana Therapeutics
Mersana Therapeutics is a clinical-stage biopharmaceutical company using its differentiated and proprietary ADC platforms to rapidly develop novel ADCs with optimal efficacy, safety and tolerability to meaningfully improve the lives of people fighting cancer. Mersana’s lead product candidate, upifitamab rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is being studied in UPLIFT, a single-arm registration strategy in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1 umbrella study in combination with other ovarian cancer therapies. UpRi is also being studied in the expansion portion of a Phase 1 proof-of-concept clinical study. XMT-1592, Mersana’s second ADC product candidate targeting NaPi2b-expressing tumors, was created using Mersana’s customizable and homogeneous Dolasynthen platform and is in the dose escalation portion of a Phase 1 proof-of-concept clinical study. The Company’s early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed using the Company’s Immunosynthen platform. In addition, multiple partners are using Mersana’s Dolaflexin platform to advance their ADC pipelines. The Company routinely posts information that may be useful to investors on the “Investors and Media” section of our website at www.mersana.com.

Contact:

Investor & Media Contact
Sarah Carmody, 617-844-8577
scarmody@mersana.com

FAQ

What is the recent stock option grant related to Mersana Therapeutics (MRSN)?

Mersana Therapeutics granted a stock option of up to 112,500 shares at $11.56 each to Tushar Misra upon his appointment as Senior Vice President.

Who is Tushar Misra in relation to Mersana Therapeutics (MRSN)?

Tushar Misra is the newly appointed Senior Vice President and Chief Manufacturing Officer at Mersana Therapeutics.

What is the focus of Mersana Therapeutics (MRSN)?

Mersana Therapeutics specializes in the development of antibody-drug conjugates (ADCs) targeting cancers with high unmet medical needs.

What clinical studies is Mersana Therapeutics (MRSN) currently conducting?

Mersana is studying its lead ADC candidate, upifitamab rilsodotin, in clinical trials for platinum-resistant ovarian cancer.

How does the stock option vesting work for Mersana Therapeutics (MRSN)?

The stock options granted to Tushar Misra vest over four years, with 25% vesting on the first anniversary and the remainder vesting quarterly.