Cartesian Therapeutics Announces New Employment Inducement Grant

Rhea-AI Summary

Cartesian Therapeutics, Inc. (RNAC) granted an inducement award to a new employee, offering 375,000 shares at $0.69 per share. The option vests over four years, fully by 2028, under Nasdaq Listing Rules. The award aims to attract and retain talent.

GAITHERSBURG, Md., March 05, 2024 (GLOBE NEWSWIRE) -- 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 an inducement award to a new employee. On March 1, 2024, the Company issued to this employee an option to purchase 375,000 shares of the Company’s common stock with an exercise price of $0.69, the closing trading price of the Company’s common stock on the Nasdaq Global Market on the date of grant. This option 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 option vests as to 25% on March 1, 2025, and then in three equal installments thereafter such that the option will be fully vested on March 1, 2028. The option has a ten-year term. The option was 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. For more information, please visit www.cartesiantherapeutics.com or follow the Company on LinkedIn or X, formerly known as Twitter.

Contact Information:
Investor Relations:
Melissa Forst
Argot Partners
cartesian@argotpartners.com

Media:
David Rosen
Argot Partners
david.rosen@argotpartners.com

FAQ

What did Cartesian Therapeutics, Inc. (RNAC) announce recently?

Cartesian Therapeutics, Inc. announced the granting of an inducement award to a new employee.

How many shares were offered in the inducement award by Cartesian Therapeutics, Inc. (RNAC)?

Cartesian Therapeutics, Inc. offered 375,000 shares in the inducement award.

At what price were the shares offered in the inducement award by Cartesian Therapeutics, Inc. (RNAC)?

The shares in the inducement award by Cartesian Therapeutics, Inc. were offered at $0.69 per share.

When will the option granted by Cartesian Therapeutics, Inc. (RNAC) be fully vested?

The option granted by Cartesian Therapeutics, Inc. will be fully vested on March 1, 2028.

Under which rules was the option granted by Cartesian Therapeutics, Inc. (RNAC)?

The option was 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.