Cartesian Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

Cartesian Therapeutics, Inc. announced the granting of inducement awards to five new employees, issuing them options to purchase shares of the company's common stock. The options have a per share exercise price of $0.75 and are exercisable for an aggregate of 708,546 shares. Each option vests over time and has a ten-year term. The options were granted under Nasdaq Listing Rules as inducements material to each employee's entry into employment with the Company.

GAITHERSBURG, Md., Feb. 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 inducement awards to five new employees. On February 1, 2024, the Company issued to each of these employees an option to purchase shares of the Company’s common stock with a per share exercise price of $0.75, 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 708,546 shares of the Company’s common stock. Each of the five options was granted pursuant to the Company’s 2018 Employment Inducement Incentive Award Plan and was approved by the Company’s board of directors. The options each vest as to 25% on February 1, 2025, and then in three equal annual installments thereafter such that the options will be fully vested on February 1, 2028. Each of the options has a ten-year term. The options were granted under Rule 5365(c)(4) of the Nasdaq Listing Rules as inducements material to each 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. Cartesian operates a wholly owned, state-of-the-art cGMP manufacturing facility in Gaithersburg, MD.

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

Media:
David Rosen
Argot Partners
cartesian@argotpartners.com

FAQ

What is the recent announcement from Cartesian Therapeutics, Inc.?

Cartesian Therapeutics, Inc. announced the granting of inducement awards to five new employees.

How many shares of the company's common stock were issued to the new employees?

An aggregate of 708,546 shares of the company's common stock were issued to the new employees.

What is the per share exercise price of the options granted to the new employees?

The per share exercise price of the options is $0.75.

Under which Nasdaq Listing Rule were the options granted as inducements?

The options were granted under Rule 5365(c)(4) of the Nasdaq Listing Rules as inducements material to each employee's entry into employment with the Company.