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

Rhea-AI Summary

Mersana Therapeutics announced the appointment of Chuck Miller as Senior Vice President of Regulatory Affairs, along with a stock option grant for up to 120,000 shares at $19.16 each, fully vesting over four years. The grant complies with Nasdaq's Inducement Award rules. The company focuses on developing innovative antibody-drug conjugates for cancer treatment, with lead product XMT-1536 in Phase 1 trials for ovarian cancer and NSCLC. Mersana’s pipeline also includes other ADC candidates targeting high unmet medical needs.

Positive

• Appointment of Chuck Miller could enhance regulatory strategy and support clinical development.
• Stock option grant aligns interests of new leadership with shareholder value.
• Ongoing Phase 1 clinical trials for XMT-1536 and XMT-1592 indicating progress in product development.

Negative

• None.

CAMBRIDGE, Mass., Sept. 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 of Regulatory Affairs, Chuck Miller. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Mr. Miller as an inducement material to Mr. Miller 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 120,000 shares of Mersana Therapeutics common stock, at a price of $19.16 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. Miller’s employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Mr. Miller’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 is the new appointment announced by Mersana Therapeutics?

Mersana Therapeutics announced the appointment of Chuck Miller as Senior Vice President of Regulatory Affairs.

How many shares were granted to Chuck Miller?

Chuck Miller received a stock option grant for up to 120,000 shares at a price of $19.16 each.

What is the vesting schedule for Chuck Miller's stock options?

The options will vest over four years, with 25% vesting on the first anniversary and the remainder in equal quarterly installments.

What is Mersana Therapeutics focusing on in its product development?

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

What are the current clinical trials Mersana is conducting?

Mersana's lead product XMT-1536 is in a Phase 1 proof-of-concept study for ovarian cancer and NSCLC.