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

Rhea-AI Summary

Freeline Therapeutics Holdings (Nasdaq: FRLN) announced the granting of stock options to its new Chief Scientific Officer, Henning Stennicke, PhD, and two other hires on March 31, 2022. The grants, totaling 240,000 and 159,000 options respectively, were made as an inducement for joining the company and comply with Nasdaq regulations. The options, priced at $1.15 per share, will vest over four years. Freeline is known for its gene therapies aimed at treating genetic diseases, including Hemophilia B and Fabry disease, utilizing its proprietary AAV vector technology.

Positive

• The company is attracting key talent through competitive inducement stock options, which can enhance innovation and drive growth.
• The stock options are aligned with the company's focus on gene therapy development, potentially leading to advancements in clinical programs.

Negative

• None.

LONDON, April 04, 2022 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) (the “Company” or “Freeline”) today announced that on March 31, 2022, the Company granted its newly hired Chief Scientific Officer, Henning Stennicke, PhD, and two other newly hired employees non-statutory options to purchase an aggregate of 240,000 and 159,000 of the Company’s ordinary shares, respectively.

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 $1.15 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on March 30, 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.

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 stock options were granted by Freeline Therapeutics (FRLN)?

Freeline Therapeutics granted 240,000 options to its Chief Scientific Officer and 159,000 options to two other employees on March 31, 2022.

What is the exercise price of the options granted by Freeline (FRLN)?

The exercise price of the options is $1.15 per share, based on the closing price on March 30, 2022.

How long do the stock options last for Freeline's new hires?

The stock options have a maximum term of 10 years and vest over a four-year period.

What is Freeline Therapeutics' focus?

Freeline is focused on developing gene therapies for inherited systemic diseases, including Hemophilia B and Fabry disease.