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

Rhea-AI Summary

Freeline Therapeutics (Nasdaq: FRLN) announced on January 31, 2022, the grant of non-statutory options to three newly hired employees, totaling 66,400 ordinary shares. These options are part of the 2021 Equity Inducement Plan and were approved by an independent subcommittee of the remuneration committee. Each option has an exercise price of $1.18 per share and will vest over four years, with 25% vesting after the first year. Freeline focuses on AAV-mediated gene therapies targeting inherited systemic diseases.

Positive

• Grant of 66,400 options to new employees reflects the company's growth and commitment to attracting talent.
• The options are tied to a well-structured vesting schedule, which may enhance employee retention and motivation.

Negative

• None.

LONDON, Feb. 03, 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 people with inherited systemic debilitating diseases, today announced that on January 31, 2022, the Company granted three newly hired employees non-statutory options to purchase an aggregate of 66,400 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 $1.18 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on January 28, 2022, 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.

IR Contact:
investor@freeline.life

Media Contact:
media@freeline.life

FAQ

What is the stock symbol for Freeline Therapeutics?

The stock symbol for Freeline Therapeutics is FRLN.

What options were granted to Freeline Therapeutics employees?

Freeline Therapeutics granted non-statutory options to purchase 66,400 shares to three new employees.

What is the exercise price of the options granted by Freeline?

The exercise price of the options granted by Freeline is $1.18 per share.

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

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