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

Rhea-AI Summary

Mersana Therapeutics (Nasdaq: MRSN) announced a stock option grant as an inducement award to its new Senior Vice President and Chief Legal Officer, Alejandra Carvajal. The grant includes options for 112,500 shares at $16.98 each, reflecting the closing price on the grant date. Vesting occurs over four years: 25% on the first anniversary and the rest quarterly thereafter, contingent on her continued employment. Mersana focuses on developing antibody-drug conjugates (ADCs) for cancer treatment, with its lead product candidate aimed at platinum-resistant ovarian cancer.

Positive

• Appointment of Alejandra Carvajal as Senior VP and Chief Legal Officer may enhance company leadership.
• Stock options align employee interests with shareholder value through potential stock price appreciation.

Negative

• None.

CAMBRIDGE, Mass., April 28, 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 Legal Officer, Alejandra Carvajal. In connection with the appointment, the Compensation Committee of the Board of Directors of Mersana Therapeutics approved a stock option grant to Ms. Carvajal as an inducement material to Ms. Carvajal 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 $16.98 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. Carvajal’s employment start date, and the remainder vesting in equal quarterly installments over the following three years, subject to Ms. Carvajal’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 the expansion portion of a Phase 1 proof-of-concept clinical study in patients with 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 Alejandra Carvajal at Mersana Therapeutics?

Alejandra Carvajal was granted stock options for 112,500 shares at $16.98 each, vesting over four years.

What does Mersana Therapeutics focus on?

Mersana Therapeutics specializes in developing antibody-drug conjugates (ADCs) for oncology with high unmet medical needs.

How will the stock options impact Mersana's performance?

The options could positively influence share value if stock performance improves due to strategic leadership.

When does Alejandra Carvajal's stock option vest?

25% of the stock options vest on the first anniversary of her employment, with the remaining shares vesting quarterly over three years.