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Cartesian Therapeutics Announces New Employment Inducement Grants
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Cartesian Therapeutics, Inc. (RNAC) grants inducement awards to four new employees, offering them options to purchase shares of the company's common stock. The options amount to 765,000 shares with an exercise price of $0.5601 per share, vesting over a four-year period.
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GAITHERSBURG, Md.--(BUSINESS WIRE)--
Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company developing mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of inducement awards to four new employees. On April 1, 2024, the Company issued to each of these employees an option to purchase shares of the Company’s common stock with an exercise price of $0.5601, the closing trading price of the Company’s common stock on the Nasdaq Global Market on the date of grant. The options are exercisable for an aggregate of 765,000 shares of the Company’s common stock. Each of the four options was granted pursuant to the Company’s Amended and Restated 2018 Employment Inducement Incentive Award Plan and was approved by the Company’s board of directors. The options each vest as to 25% on April 1, 2025, and then in three equal installments thereafter such that the option will be fully vested on April 1, 2028. The options each have a ten-year term. The options were granted under Rule 5635(c)(4) of the Nasdaq Listing Rules as an inducement material to the employee’s entry into employment with the Company.
About Cartesian Therapeutics
Cartesian Therapeutics is a clinical-stage company developing mRNA cell therapies for the treatment of autoimmune diseases. The Company’s lead asset, Descartes-08, is a potential first-in-class mRNA CAR-T in Phase 2b clinical development for patients with generalized myasthenia gravis. Additional Phase 2 studies are planned in systemic lupus erythematosus under an allowed IND, as well as basket trials in additional autoimmune indications. The Company’s clinical-stage pipeline also includes Descartes-15, a next-generation, autologous anti-BCMA mRNA CAR-T.
What is the ticker symbol of Cartesian Therapeutics, Inc. mentioned in the press release?
The ticker symbol is RNAC.
How many new employees were granted inducement awards by Cartesian Therapeutics, Inc.?
Four new employees were granted inducement awards.
How many shares of the company's common stock were offered as options to the employees?
A total of 765,000 shares were offered as options.
What is the exercise price per share for the options granted to the employees?
The exercise price per share is $0.5601.
How long is the vesting period for the options granted?
The options vest over a four-year period, with 25% vesting on April 1, 2025, and the remaining vesting in three equal installments thereafter, fully vesting on April 1, 2028.
