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

Rhea-AI Summary

Mersana Therapeutics (Nasdaq: MRSN) announced an inducement award for its new Senior VP and Chief Human Resources Officer, Carla Poulson. The Board of Directors approved a stock option grant allowing Ms. Poulson to purchase 100,000 shares at $21.67 each. The shares will vest over four years, with 25% vesting after the first year and the remainder in quarterly installments. Mersana specializes in antibody-drug conjugates (ADCs) aimed at treating cancers, with ongoing clinical studies for its lead product candidates.

Positive

• Appointment of a Senior VP and Chief Human Resources Officer may strengthen company leadership.
• Stock option grant of 100,000 shares could align executive interests with shareholder value.

Negative

• None.

CAMBRIDGE, Mass., Jan. 22, 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 Human Resources Officer, Carla Poulson. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Ms. Poulson as an inducement material to Ms. Poulson 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 100,000 shares of Mersana Therapeutics common stock, at a price of $21.67 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 Ms. Poulson’s employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Ms. Poulson’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, XMT-1536, is in the expansion portion of a Phase 1 proof-of-concept clinical study in patients with ovarian cancer and NSCLC adenocarcinoma. 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.

Contact:

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

FAQ

What is the stock option grant for Carla Poulson at Mersana Therapeutics?

The stock option grant allows Carla Poulson to purchase 100,000 shares at $21.67 each, vesting over four years.

How many shares did Mersana Therapeutics grant to its new HR officer?

Mersana Therapeutics granted 100,000 shares to its new HR officer, Carla Poulson.

What is Mersana Therapeutics' focus in biopharmaceuticals?

Mersana Therapeutics focuses on developing antibody-drug conjugates (ADCs) for cancer treatment.

What is the vesting schedule for Carla Poulson's stock options?

Carla Poulson's stock options vest 25% after one year and quarterly over the next three years.

What is the significance of the stock option grant for MRSN investors?

The stock option grant may align the new HR officer's interests with the goals of MRSN investors.