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

Rhea-AI Summary

Mersana Therapeutics, a biopharmaceutical company, granted an inducement award of 35,100 shares of common stock to a new employee. The award is part of an RSU and will vest in annual installments over four years, subject to the employee's service with Mersana. This award was given in accordance with Nasdaq Listing Rule 5635(c)(4).

CAMBRIDGE, Mass., April 04, 2024 (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, 2024, an authorized sub-committee of the Board of Directors of Mersana granted an inducement award, consisting of a restricted stock unit (RSU) award to acquire 35,100 shares of its common stock, to one new employee whose employment commenced in March 2024. The award was granted as an inducement material to the new employee entering employment with Mersana in accordance with Nasdaq Listing Rule 5635(c)(4).

The RSU award will vest in equal annual installments on the first four anniversaries of February 15, 2024, subject to the employee’s continued service with Mersana on each such vesting date. The RSU award is subject to the terms and conditions of Mersana’s 2022 Inducement Stock Incentive Plan and the terms and conditions of an RSU agreement covering the grant.

About Mersana Therapeutics
Mersana Therapeutics is a clinical-stage biopharmaceutical company focused on the development of novel antibody-drug conjugates (ADCs) and driven by the knowledge that patients are waiting for new treatment options. The company has developed proprietary cytotoxic (Dolasynthen) and immunostimulatory (Immunosynthen) ADC platforms that are generating a pipeline of wholly-owned and partnered product candidates with the potential to treat a range of cancers. Its pipeline includes 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). 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 type of award did Mersana Therapeutics grant to a new employee?

Mersana Therapeutics granted an inducement award consisting of a restricted stock unit (RSU) award.

How many shares of common stock were included in the award?

The award included 35,100 shares of common stock.

How will the RSU award vest?

The RSU award will vest in equal annual installments over the first four anniversaries of February 15, 2024.

What is the condition for vesting the RSU award?

The RSU award is subject to the employee's continued service with Mersana on each vesting date.

Why was the award granted?

The award was granted as an inducement material to the new employee entering employment with Mersana in accordance with Nasdaq Listing Rule 5635(c)(4).