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Insmed Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)
BRIDGEWATER, N.J., Nov. 22, 2017 (GLOBE NEWSWIRE) -- Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical company focused on the unmet needs of patients with rare diseases, today announced the granting of inducement awards to ten new employees. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Insmed’s Compensation Committee and made as a material inducement to each employee’s entry into employment with the Company.
In connection with the November 13, 2017 commencement of their employment, the employees received options to purchase an aggregate 29,860 shares of Insmed common stock at an exercise price of $31.78 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.
The options have a ten-year term and a four-year vesting schedule, with 25% of the shares subject to the option vesting on the first anniversary of the relevant grant date and 12.5% of the shares subject to the option vesting every six months thereafter through the fourth anniversary of the relevant grant date, subject to the relevant employee’s continued service with Insmed on the applicable vesting date.
Insmed Incorporated is a global biopharmaceutical company focused on the unmet needs of patients with rare diseases. The Company's lead product candidate is ALIS for adult patients with treatment refractory NTM lung disease caused by MAC, which is a rare and often chronic infection that is capable of causing irreversible lung damage and can be fatal. Insmed has released top-line results from the phase 3 CONVERT study indicating the trial met the primary endpoint of culture conversion. The Company is not aware of any approved inhaled therapies specifically indicated for refractory NTM lung disease caused by MAC in North America, Japan or Europe. Insmed's earlier-stage clinical pipeline includes INS1007, a novel oral reversible inhibitor of dipeptidyl peptidase 1 with therapeutic potential in non-cystic fibrosis bronchiectasis, and INS1009, an inhaled nanoparticle formulation of a treprostinil prodrug that may offer a differentiated product profile for rare pulmonary disorders, including pulmonary arterial hypertension. For more information, visit www.insmed.com.
Vice President, Head of Investor Relations