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

Rhea-AI Summary

Mersana Therapeutics (NASDAQ:MRSN) announced on April 1, 2022, the grant of inducement awards consisting of stock options for 51,150 shares to four new employees. These options have an exercise price of $4.32 per share, equal to the closing price on the grant date. The options vest over four years, with 25% vesting on the one-year anniversary and the rest vesting quarterly. This grant aligns with Nasdaq Listing Rule 5635(c)(4) and aims to incentivize new talent in the clinical-stage biopharmaceutical company, which focuses on innovative antibody-drug conjugates targeting cancer.

Positive

• Granting of 51,150 stock options indicates growth and commitment to attracting new talent.
• Exercise price of $4.32 aligns with market value, suggesting fairness in compensation.

Negative

• None.

CAMBRIDGE, Mass., April 06, 2022 (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 that on April 1, 2022, an authorized sub-committee of the Compensation Committee of the Board of Directors of Mersana granted inducement awards consisting of stock options to purchase an aggregate of 51,150 shares of its common stock to four new employees whose employment commenced in March 2022. The awards were granted pursuant to terms and conditions fixed by the Compensation Committee and as an inducement material to each new employee entering employment with Mersana in accordance with Nasdaq Listing Rule 5635(c)(4).

The option awards have an exercise price of $4.32 per share, which is equal to the closing price of Mersana’s common stock on April 1, 2022. Each option has a 10-year term and will vest over a period of four years, with 25% of the shares vesting on the one-year anniversary of the date of the grant and the remainder vesting in equal quarterly installments over the following three years, subject to the applicable employee’s continued service with Mersana on each such vesting date. The options are subject to the terms and conditions of Mersana’s 2022 Inducement Stock Incentive Plan and the terms and conditions of a stock option agreement covering each grant.

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 registrational trial in patients with platinum-resistant ovarian cancer, as well as in UPGRADE, a Phase 1/2 umbrella trial evaluating UpRi in combination with other ovarian cancer therapies. 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 exploration portion of a Phase 1 clinical trial. Mersana’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 and targeting a novel epitope of human epidermal growth factor receptor 2 (HER2). In addition, multiple partners are using Mersana’s platforms to advance their ADC pipelines. Mersana Therapeutics was recently named among the 2021 Top Places to Work in Massachusetts by The Boston Globe. Mersana routinely posts information that may be useful to investors on the “Investors and Media” section of its website at www.mersana.com.

Contact:
Investor & Media Contact
Jason Fredette
617-498-0020
jason.fredette@mersana.com

FAQ

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

On April 1, 2022, Mersana Therapeutics granted stock options to purchase 51,150 shares to four new employees as an inducement for their employment.

What is the exercise price of the stock options granted by Mersana Therapeutics (MRSN)?

The exercise price for the stock options granted is $4.32 per share.

How long is the vesting period for the stock options at Mersana Therapeutics (MRSN)?

The stock options will vest over four years, with 25% vesting on the one-year anniversary of the grant.

What does the stock option grant by Mersana Therapeutics (MRSN) reflect about the company?

The stock option grant reflects Mersana's strategy to attract and retain talent in the competitive biopharmaceutical sector.