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

Rhea-AI Summary

Mersana Therapeutics (NASDAQ:MRSN), a biopharmaceutical company focused on antibody-drug conjugates (ADCs), announced on September 1, 2022, the granting of stock options and restricted stock unit awards to 9 new employees. The inducement awards consist of stock options for 25,575 shares and RSUs for 64,950 shares. The options have an exercise price of $7.85 per share, vesting over four years. RSUs will vest in four annual installments starting August 15, 2023. These awards aim to attract talent in accordance with Nasdaq regulations.

CAMBRIDGE, Mass., Sept. 02, 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 September 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 25,575 shares of its common stock and restricted stock unit awards (RSUs) to acquire an aggregate of 64,950 shares of its common stock, to 9 new employees whose employment commenced in August 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 $7.85 per share, which is equal to the closing price of Mersana’s common stock on September 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 commencement of the employee’s employment 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.

The RSUs will vest in four equal annual installments starting August 15, 2023, subject to the applicable employee’s continued service with Mersana on each such vesting date. The RSUs are subject to the terms and conditions of Mersana’s 2022 Inducement Stock Incentive Plan and the terms and conditions of an RSU 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 that is being studied in UPLIFT, a single-arm registrational trial in patients with platinum-resistant ovarian cancer; UPGRADE, a Phase 1/2 umbrella trial evaluating UpRi in combination with other ovarian cancer therapies; and UP-NEXT, a Phase 3 clinical trial of UpRi as monotherapy maintenance following treatment with platinum doublets in recurrent platinum-sensitive ovarian cancer. Mersana is also advancing XMT-1660, a Dolasynthen ADC targeting B7-H4, and XMT-2056, an Immunosynthen ADC targeting a novel epitope of human epidermal growth factor receptor 2 (HER2), in addition to other earlier-stage assets. In addition, multiple partners are using Mersana’s platforms to advance their ADC pipelines. Mersana Therapeutics was 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 & Media” section of its website at www.mersana.com.

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

FAQ

What stock options were granted to new employees at Mersana Therapeutics?

Mersana Therapeutics granted stock options to purchase 25,575 shares and restricted stock units for 64,950 shares to 9 new employees.

What is the exercise price for the stock options granted by Mersana?

The exercise price for the stock options granted by Mersana is $7.85 per share.

How long is the vesting period for the stock options at Mersana?

The stock options vest over a period of four years, with 25% vesting after one year and the remainder vesting quarterly.

When do the restricted stock units (RSUs) vest for new employees at Mersana?

The RSUs will vest in four equal annual installments starting August 15, 2023.

Why were the stock options and RSUs granted to new Mersana employees?

The stock options and RSUs were granted as inducement material to new employees in accordance with Nasdaq Listing Rule 5635(c)(4).