Freeline Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On November 3, 2021, Freeline Therapeutics Holdings plc (Nasdaq: FRLN) announced the grant of non-statutory options to three new employees, totaling 69,800 ordinary shares and 4,250 restricted share units (RSUs). These options, with an exercise price of $3.01 per share, were approved by an independent remuneration committee and are part of the 2021 Equity Inducement Plan. The options vest over four years, with a portion vesting after the first year. Freeline is focused on developing gene therapies for inherited diseases, including Hemophilia B and Fabry disease.

Positive

• Granting stock options and RSUs may enhance employee retention and align their interests with shareholders.
• The company is actively expanding its workforce, indicating growth potential.

Negative

• None.

LONDON, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) (the “Company” or “Freeline”), a clinical-stage biotechnology company developing transformative AAV-mediated gene therapies for patients suffering from inherited systemic debilitating diseases, today announced that on October 29, 2021, the Company granted three new employees non-statutory options to purchase an aggregate of 69,800 of the Company’s ordinary shares and 4,250 restricted share units (“RSUs”), each representing the right to receive one of the Company’s ordinary shares upon vesting.

The awards were granted as an inducement material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4) and were approved by an independent subcommittee of the remuneration committee of Freeline’s board of directors. The awards were granted pursuant to the terms of Freeline’s 2021 Equity Inducement Plan, which was adopted by Freeline’s board of directors in September 2021.

Each of the options has an exercise price of $3.01 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on October 28, 2021, the last trading day preceding the grant date. The options have a maximum 10-year term and vest over a four-year service period, with 25% of the award vesting on the first anniversary of the vesting commencement date, with the balance vesting monthly over the remaining three years. Subject to continuous employment, 50% of the RSUs vest on each of February 28, 2022 and May 31, 2022.

About Freeline Therapeutics

Freeline is a clinical-stage biotechnology company developing transformative adeno-associated virus (“AAV”) vector-mediated systemic gene therapies. The Company is dedicated to improving patient lives through innovative, one-time treatments that provide functional cures for inherited systemic debilitating diseases. Freeline uses its proprietary, rationally-designed AAV vector, along with novel promoters and transgenes, to deliver a functional copy of a therapeutic gene into human liver cells, thereby expressing a persistent functional level of the missing or dysfunctional protein into the patient’s bloodstream. The Company’s integrated gene therapy platform includes in-house capabilities in research, clinical development, manufacturing and commercialization. The Company has clinical programs in Hemophilia B and Fabry disease, as well as preclinical programs in Gaucher disease Type 1 and Hemophilia A. Freeline is headquartered in the UK and has operations in Germany and the US.

Contact

David S. Arrington
Vice President Investor Relations & Corporate Communications
Freeline Therapeutics
david.arrington@freeline.life
+1 (646) 668 6947

FAQ

What are the details of the stock options granted by Freeline Therapeutics on November 3, 2021?

Freeline granted non-statutory options to three employees for a total of 69,800 ordinary shares at an exercise price of $3.01, with a four-year vesting schedule.

What is the significance of the RSUs granted by Freeline Therapeutics?

Freeline granted 4,250 RSUs that vest in two installments on February 28, 2022, and May 31, 2022, reinforcing employee commitment.

How does the stock option grant affect Freeline Therapeutics investors?

The stock option grant may indicate potential for employee retention and growth, which can be beneficial for investor interests.

What diseases is Freeline Therapeutics developing treatments for?

Freeline is focused on Hemophilia B, Fabry disease, as well as preclinical programs for Gaucher disease Type 1 and Hemophilia A.