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

Rhea-AI Summary

Freeline Therapeutics Holdings plc (Nasdaq: FRLN) announced the grant of non-statutory options to purchase 89,200 ordinary shares to four newly hired employees as of December 31, 2021. This grant, approved by an independent subcommittee, aims to incentivize new talent in line with Nasdaq Listing Rule 5635(c)(4). Each option has an exercise price of $2.00 per share, equivalent to the closing price on December 30, 2021, and vests over four years, with the first 25% vesting after one year. Freeline specializes in AAV-mediated gene therapies for inherited systemic diseases.

Positive

• Granting options to new hires indicates the company is expanding its workforce, potentially enhancing innovation and development.
• Options granted under the 2021 Equity Inducement Plan may help attract talent essential for clinical and operational success.

Negative

• None.

LONDON, Jan. 06, 2022 (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 December 31, 2021, the Company granted four newly hired employees non-statutory options to purchase an aggregate of 89,200 of the Company’s ordinary shares.

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 $2.00 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on December 30, 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.

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, Fabry disease, and Gaucher disease Type 1. 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 stock symbol represents Freeline Therapeutics?

The stock symbol for Freeline Therapeutics is FRLN.

What was the exercise price of the options granted by Freeline Therapeutics?

The exercise price of the options granted by Freeline Therapeutics was $2.00 per share.

How many shares were granted to the new employees at Freeline Therapeutics?

A total of 89,200 ordinary shares were granted to four new employees.

What is the vesting schedule for the options granted by Freeline Therapeutics?

The options vest over four years, with 25% vesting on the first anniversary of the vesting commencement date.

When were the options granted to Freeline Therapeutics' new hires?

The options were granted on December 31, 2021.

Under what plan were the options granted to Freeline Therapeutics' new employees?

The options were granted under the 2021 Equity Inducement Plan.