Mersana Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
May 06 2022 - 4:05PM
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 May 2,
2022, an authorized sub-committee of the Compensation Committee of
the Board of Directors of Mersana granted inducement awards,
consisting of stock options to purchase an aggregate of 152,100
shares of its common stock and restricted stock unit awards (RSUs)
to acquire an aggregate of 10,050 shares of its common stock, to
seven new employees whose employment commenced in April 2022. The
awards were granted pursuant to terms and conditions fixed by the
Compensation Committee and as an inducement material to each new
employee entering employment with Mersana in accordance with Nasdaq
Listing Rule 5635(c)(4).
The option awards have an exercise price of
$3.70 per share, which is equal to the closing price of Mersana’s
common stock on May 2, 2022. Each option has a 10-year term and
will vest over a period of four years, with 25% of the shares
vesting on the one-year anniversary of the commencement of the
employee’s employment and the remainder vesting in equal quarterly
installments over the following three years, subject to the
applicable employee’s continued service with Mersana on each such
vesting date. The options are subject to the terms and conditions
of Mersana’s 2022 Inducement Stock Incentive Plan and the terms and
conditions of a stock option agreement covering each grant.
The RSUs will vest in four equal annual
installments starting May 15, 2023, subject to the applicable
employee’s continued service with Mersana on each such vesting
date. The RSUs are subject to the terms and conditions of Mersana’s
2022 Inducement Stock Incentive Plan and the terms and conditions
of an RSU agreement covering each grant.
About Mersana
TherapeuticsMersana Therapeutics is a clinical-stage
biopharmaceutical company using its differentiated and proprietary
ADC platforms to rapidly develop novel ADCs with optimal efficacy,
safety and tolerability to meaningfully improve the lives of people
fighting cancer. Mersana’s lead product candidate, upifitamab
rilsodotin (UpRi), is a Dolaflexin ADC targeting NaPi2b and is
being studied in UPLIFT, a single-arm registrational trial in
patients with platinum-resistant ovarian cancer, as well as in
UPGRADE, a Phase 1/2 umbrella trial evaluating UpRi in combination
with other ovarian cancer therapies. XMT-1592, Mersana’s second ADC
product candidate targeting NaPi2b-expressing tumors, was created
using Mersana’s customizable and homogeneous Dolasynthen platform
and is in the dose exploration portion of a Phase 1 clinical trial.
Mersana’s early-stage programs include XMT-1660, a Dolasynthen ADC
targeting B7-H4, as well as XMT-2056, a STING-agonist ADC developed
using the Company’s Immunosynthen platform and targeting a novel
epitope of human epidermal growth factor receptor 2 (HER2). In
addition, multiple partners are using Mersana’s platforms to
advance their ADC pipelines. Mersana Therapeutics was recently
named among the 2021 Top Places to Work in Massachusetts by The
Boston Globe. Mersana routinely posts information that may be
useful to investors on the “Investors and Media” section of its
website at www.mersana.com.
Contact:Investor & Media
ContactJason
Fredette617-498-0020jason.fredette@mersana.com
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