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

Rhea-AI Summary

Mersana Therapeutics (NASDAQ:MRSN) announced on November 1, 2022, the grant of stock options and restricted stock units (RSUs) to 6 new employees as part of its employment inducement program. The stock options total 9,150 shares with an exercise price of $7.76, vesting over four years. RSUs totaling 33,825 shares will vest in four equal installments starting November 15, 2023. This initiative aligns with Nasdaq Listing Rule 5635(c)(4) and aims to attract talent vital to Mersana's focus on antibody-drug conjugates for cancer treatment.

Positive

• Inducement awards granted to new employees may enhance talent acquisition.
• Stock options and RSUs align employee interests with company growth.

Negative

• None.

CAMBRIDGE, Mass., Nov. 04, 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 November 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 9,150 shares of its common stock and restricted stock unit awards (RSUs) to acquire an aggregate of 33,825 shares of its common stock, to 6 new employees whose employment commenced in October 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 $7.76 per share, which is equal to the closing price of Mersana’s common stock on November 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 November 1, 2022?

Mersana granted stock options totaling 9,150 shares with an exercise price of $7.76.

How many restricted stock units did Mersana Therapeutics grant to new employees?

Mersana granted a total of 33,825 restricted stock units (RSUs).

What is the vesting schedule for the stock options granted by Mersana?

The stock options will vest over four years, with 25% vesting on the first anniversary of employment.

When will the restricted stock units (RSUs) vest for Mersana's new employees?

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

What was the purpose of the inducement awards granted by Mersana Therapeutics?

The inducement awards aim to attract and retain talent necessary for Mersana's growth.