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

Rhea-AI Summary

Freeline Therapeutics (Nasdaq: FRLN) announced the granting of 57,850 non-statutory options to five newly hired employees on April 29, 2022. This move complies with Nasdaq Listing Rule 5635(c)(4) and was approved by an independent subcommittee of the remuneration committee. The options have an exercise price of $0.84 per share and will vest over four years, with 25% vesting on the first anniversary. Freeline is focused on developing gene therapies for inherited diseases, with ongoing clinical programs in Hemophilia B, Fabry disease, and Gaucher disease Type 1.

Positive

• Company remains committed to attracting talent through stock option grants.
• Options granted under the 2021 Equity Inducement Plan align employee interests with long-term company performance.

Negative

• None.

LONDON, May 03, 2022 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) (the “Company” or “Freeline”) today announced that on April 29, 2022, the Company granted five newly hired employees non-statutory options to purchase an aggregate of 57,850 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 $0.84 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on April 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, 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.

Media Contact:
Arne Naeveke, PhD
Vice President, Head of Corporate Communications
arne.naeveke@freeline.life
+1 617 312 2521

IR Contact:
investor@freeline.life

FAQ

What was announced by Freeline Therapeutics on May 3, 2022?

Freeline Therapeutics announced the granting of 57,850 non-statutory options to five newly hired employees.

What is the exercise price for the options granted by Freeline Therapeutics?

The exercise price for the options is $0.84 per share.

How long is the vesting period for the options granted by Freeline?

The options vest over a four-year service period.

Which Nasdaq listing rule did Freeline Therapeutics comply with for the stock option grant?

Freeline's stock option grant complies with Nasdaq Listing Rule 5635(c)(4).

What are some diseases targeted by Freeline Therapeutics' clinical programs?

Freeline Therapeutics has clinical programs for Hemophilia B, Fabry disease, and Gaucher disease Type 1.