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

Rhea-AI Summary

On December 2, 2020, Mersana Therapeutics (MRSN) announced the appointment of Arvin Yang, M.D., Ph.D. as the Senior Vice President and Chief Medical Officer. The Compensation Committee approved an inducement stock option grant allowing Dr. Yang to purchase up to 200,000 shares at $25.48 each, with a four-year vesting schedule. Mersana is focused on antibody-drug conjugates (ADCs) for cancer treatment, with notable candidates XMT-1536 and XMT-1592 currently in clinical studies.

Positive

• Appointment of Arvin Yang as Chief Medical Officer, potentially enhancing leadership and expertise.
• New stock option grant signifies confidence in Dr. Yang's ability to drive company objectives.

Negative

• None.

CAMBRIDGE, Mass., Dec. 02, 2020 (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 Medical Officer, Arvin Yang, M.D., Ph.D. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Dr. Yang as an inducement material to Dr. Yang’s 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 200,000 shares of Mersana Therapeutics common stock, at a price of $25.48 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 Dr. Yang’s employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Dr. Yang’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 a B7-H4 targeting ADC, as well as 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 stock option was granted to Arvin Yang at Mersana Therapeutics?

Arvin Yang was granted a stock option to purchase up to 200,000 shares at $25.48 per share.

What is the significance of the stock option grant for Mersana Therapeutics?

The grant serves as an inducement for Dr. Yang's employment and reflects the company's commitment to attracting talent.

What candidates are being developed by Mersana Therapeutics?

Mersana is developing XMT-1536 and XMT-1592, both currently in clinical trials for various cancers.

How long is the vesting period for Arvin Yang's stock options?

The stock options vest over four years, with 25% vesting after the first year.

What is Mersana Therapeutics focused on?

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