BRIDGEWATER, N.J., June 08, 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 Paolo Tombesi, Chief Financial Officer, and Paul Streck, M.D., Chief Medical Officer. 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 executive's entry into employment with the Company.
In connection with the appointment of Mr. Tombesi as Chief Financial Officer on June 1, 2017, Mr. Tombesi received an option to purchase 127,160 shares of Insmed common stock at an exercise price of $15.60 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant. Also, in connection with the appointment of Dr. Streck as Chief Medical Officer, on June 5, 2017, Dr. Streck received an option to purchase 109,210 shares of Insmed common stock at an exercise price of $15.38 per share, the closing trading price on the date of grant.
The agreements governing these options are consistent with Insmed's standard stock option inducement award agreement. 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 executive's continued service with the Company on the applicable vesting date.
Insmed Incorporated is a global biopharmaceutical company focused on the unmet needs of patients with rare diseases. The company is advancing a global phase 3 clinical study of
ARIKAYCE® (liposomal amikacin for inhalation) for adult patients with treatment refractory nontuberculous mycobacteria (NTM) lung disease caused by Mycobacterium avium complex (MAC), which is a rare and often chronic infection that is capable of causing irreversible lung damage and can be fatal. There are currently no approved inhaled products specifically indicated for the treatment of refractory NTM lung disease caused by MAC in the United States or the European Union. Insmed's earlier-stage clinical pipeline includes INS1007, a novel oral reversible inhibitor of DPP1 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.
"Insmed" and "ARIKAYCE" are the company's trademarks. All other trademarks, trade names or service marks appearing in this press release are the property of their respective owners.
Laura Perry or Heather Savelle
Source: Insmed Incorporated
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