Cartesian Therapeutics Announces New Employment Inducement Grants

Rhea-AI Summary

Cartesian Therapeutics (NASDAQ: RNAC) has granted inducement awards to two new employees on November 4, 2024. The awards consist of options to purchase 4,854 shares of common stock at an exercise price of $19.11 per share. The options will vest 25% on November 4, 2025, followed by three equal annual installments until full vesting on November 4, 2028. These ten-year term options were granted under the Company's Amended and Restated 2018 Employment Inducement Incentive Award Plan and comply with Nasdaq Listing Rule 5635(c)(4).

FREDERICK, Md., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Cartesian Therapeutics, Inc. (NASDAQ: RNAC) (the “Company”), a clinical-stage biotechnology company pioneering mRNA cell therapies for the treatment of autoimmune diseases, today announced the granting of inducement awards to two new employees. On November 4, 2024, the Company issued to these employees options to purchase an aggregate of 4,854 shares of the Company’s common stock with an exercise price of $19.11, the closing trading price of the Company’s common stock on the Nasdaq Global Market on the date of grant. The options were granted pursuant to the Company’s Amended and Restated 2018 Employment Inducement Incentive Award Plan and were approved by the Company’s board of directors. The option vests as to 25% on November 4, 2025, and then in three equal annual installments thereafter such that the options will be fully vested on November 4, 2028. The options 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 employees’ entry into employment with the Company.

About Cartesian Therapeutics

Cartesian Therapeutics is a clinical-stage company pioneering mRNA cell therapies for the treatment of autoimmune diseases. The Company’s lead asset, Descartes-08, is an mRNA CAR-T in Phase 2b clinical development for patients with generalized myasthenia gravis and Phase 2 development for systemic lupus erythematosus, with a Phase 2 basket trial planned 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 Contact:
Melissa Forst
Argot Partners
cartesian@argotpartners.com

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

FAQ

What is the exercise price of Cartesian Therapeutics (RNAC) inducement stock options granted on November 4, 2024?

The exercise price of the inducement stock options granted by Cartesian Therapeutics (RNAC) on November 4, 2024, is $19.11 per share, which was the closing trading price of the Company's common stock on the Nasdaq Global Market on the date of grant.

How many shares are included in Cartesian Therapeutics (RNAC) November 2024 inducement grants?

Cartesian Therapeutics (RNAC) granted options to purchase an aggregate of 4,854 shares of the Company's common stock to two new employees.

What is the vesting schedule for Cartesian Therapeutics (RNAC) November 2024 inducement options?

The options vest 25% on November 4, 2025, followed by three equal annual installments, becoming fully vested on November 4, 2028.