Mersana Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Mersana Therapeutics (NASDAQ:MRSN) announced on July 1, 2022, the grant of stock options and restricted stock units (RSUs) to 8 new employees as part of its inducement program. The total awards include stock options for 25,575 shares and RSUs for 47,925 shares. The stock options have an exercise price of $4.63, matching the closing stock price on the grant date, and will vest over four years. The RSUs will vest in four equal annual installments starting May 15, 2023. This initiative aims to attract talent in the field of antibody-drug conjugates targeting cancer.
- Inducement awards granted to new employees to attract talent, enhancing company capabilities.
- Stock options are competitively priced at $4.63, equal to the market closing price, supporting employee investment in the company.
- None.
CAMBRIDGE, Mass., July 08, 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 July 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 47,925 shares of its common stock, to 8 new employees whose employment commenced in June 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
The RSUs will vest in four equal annual installments starting May 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 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. Mersana’s early-stage programs include XMT-1660, a Dolasynthen ADC targeting B7-H4, and 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:
Jason Fredette
617-498-0020
jason.fredette@mersana.com
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