ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
05 January 2023 - 8:30AM
Business Wire
ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field
of antibody-drug conjugates (ADCs) for the treatment of cancer,
today announced that on December 29, 2022, and in connection with
the previously announced appointment of Michael J. Vasconcelles, MD
as ImmunoGen’s Executive Vice President, Research, Development, and
Medical Affairs, the compensation committee of the Company’s Board
of Directors (the “Compensation Committee”) approved grants of
non-qualified stock option awards to purchase 960,000 shares of its
common stock (the “Vasconcelles Options”) under the ImmunoGen, Inc.
Inducement Equity Incentive Plan, as amended (the “Inducement
Plan”).
In addition, ImmunoGen announced that on December 30, 2022, the
Compensation Committee approved grants of non-qualified stock
option awards to purchase an aggregate of 226,950 shares of its
common stock (the “Employee Options”) to nine new employees under
the Inducement Plan.
The Vasconcelles Options have an exercise price of $5.16 per
share, which is equal to the closing price of ImmunoGen’s common
stock on the Nasdaq Global Select Market on December 29, 2022. The
Employee Options have an exercise price of $4.96 per share, which
is equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on December 30, 2022. In each case,
each option will vest over a four-year period, with 25% of the
shares vesting on the one-year anniversary of the date of grant,
and thereafter an additional 6.25% of the shares vesting on each
succeeding quarterly anniversary of the date of grant, subject to
such employee’s continued employment with ImmunoGen on such vesting
dates. Each option is subject to the terms and conditions of the
Inducement Plan and the terms and conditions of a stock option
agreement covering the applicable grant.
The Inducement Plan is used exclusively for the grant of equity
awards to individuals who were not previously employees of
ImmunoGen (or following a bona fide period of non-employment), as
an inducement material to such individuals’ entering into
employment with ImmunoGen, pursuant to Rule 5635(c)(4) of the
Nasdaq Listing Rules. The Vasconcelles Options and the Employee
Options were granted as such inducement material to Dr.
Vasconcelles and the other new employees, respectively, becoming
employees of ImmunoGen.
ABOUT IMMUNOGEN ImmunoGen is developing the next
generation of antibody-drug conjugates to improve outcomes for
cancer patients. By generating targeted therapies with enhanced
anti-tumor activity and favorable tolerability profiles, we aim to
disrupt the progression of cancer and offer our patients more good
days. We call this our commitment to TARGET A BETTER NOW™.
Learn more about who we are, what we do, and how we do it at
www.immunogen.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230104005886/en/
INVESTOR RELATIONS ImmunoGen Anabel Chan 781-895-0600
anabel.chan@immunogen.com MEDIA ImmunoGen Courtney O’Konek
781-895-0600 courtney.okonek@immunogen.com OR FTI Consulting Robert
Stanislaro 212-850-5657 robert.stanislaro@fticonsulting.com
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