ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
June 02 2020 - 7:00AM
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 May 29, 2020 the compensation committee of
the Company’s Board of Directors granted non-qualified stock option
awards to purchase an aggregate of 98,000 shares of its common
stock to three new employees under the ImmunoGen, Inc. Inducement
Equity Incentive Plan (the “Inducement Plan”), which options 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, with vesting of each option
subject to such employee’s continued employment with ImmunoGen on
such vesting date (such options, the “Employee Options”). The
Employee Options have an exercise price of $4.68 per share, which
is equal to the closing price of ImmunoGen’s common stock on the
Nasdaq Global Select Market on May 29, 2020.
In addition, ImmunoGen announced that in connection with the
previously announced appointment of Stacy A. Coen as ImmunoGen’s
Senior Vice President and Chief Business Officer, the compensation
committee of ImmunoGen’s Board of Directors granted to Ms. Coen
non-qualified stock option awards under the Inducement Plan to
purchase (i) 260,000 shares of common stock, which options 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, and (ii) 120,000 shares of common
stock, which options will vest in accordance with certain
performance milestones as set forth in the form of
performance-based stock option agreement authorized by the
compensation committee of the Company’s Board of Directors as of
February 7, 2020 previously filed by ImmunoGen with the Securities
and Exchange Commission (such options, the “Coen Options”); with
vesting of the Coen Options subject to Ms. Coen’s continued
employment with ImmunoGen on the applicable vesting date. The Coen
Options have an exercise price of $4.92 per share, which is equal
to the closing price of ImmunoGen’s common stock on the Nasdaq
Global Select Market on June 1, 2020.
The Employee Options and the Coen Options were granted as an
inducement material to the new employees and Ms. Coen becoming
employees of ImmunoGen in accordance with Nasdaq Listing Rule
5635(c)(4) and are subject to the terms and conditions of the
Inducement Plan and the 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.
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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INVESTOR RELATIONS AND 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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