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

Rhea-AI Summary

Mersana Therapeutics, a clinical-stage biopharmaceutical company, announced inducement awards on December 1, 2022, for two new employees comprising stock options for 16,425 shares and restricted stock units (RSUs) for 14,175 shares. The stock options have an exercise price of $6.77 and will vest over four years. RSUs will vest in four equal installments starting November 15, 2023. These awards comply with Nasdaq Listing Rule 5635(c)(4) and are aimed at attracting talent to support Mersana's development of antibody-drug conjugates (ADCs) targeting cancers.

Positive

• Inducement awards granted for new employees to attract talent.
• Stock options priced at $6.77, aligned with market closing price.

Negative

• None.

CAMBRIDGE, Mass., Dec. 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 December 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 16,425 shares of its common stock and restricted stock unit awards (RSUs) to acquire an aggregate of 14,175 shares of its common stock, to two new employees whose employment commenced in November 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 $6.77 per share, which is equal to the closing price of Mersana’s common stock on December 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 November 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 by Mersana Therapeutics on December 1, 2022?

Mersana granted stock options to purchase 16,425 shares at an exercise price of $6.77.

What are the details of the RSUs awarded by Mersana Therapeutics?

Mersana awarded RSUs to acquire 14,175 shares, which will vest in four equal installments starting November 15, 2023.

Why were inducement awards granted by Mersana Therapeutics?

The awards were granted to two new employees as an inducement to support talent acquisition.

How long is the term for the stock options granted by Mersana?

The stock options have a term of ten years.

What is the vesting schedule for the stock options from Mersana Therapeutics?

25% vests on the one-year anniversary, with the remainder vesting quarterly over three years.