Freeline Announces July 2022 Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Freeline Therapeutics Holdings plc (Nasdaq: FRLN) announced on August 4, 2022, that it granted stock options to its newly hired Chief People Officer Nicole Jones and four other employees. The total of 240,000 and 35,250 options, respectively, is designed to incentivize these employees under Nasdaq Listing Rule 5635(c)(4). With an exercise price of $0.90 per share, the options will vest over four years. Freeline is focused on developing innovative gene therapies for inherited systemic diseases, with ongoing clinical programs for hemophilia B, Fabry disease, and Gaucher disease Type 1.

Positive

• Granted 240,000 and 35,250 stock options to attract new talent, supporting employee retention.
• Options vesting over four years align employee interests with company performance.
• The $0.90 exercise price reflects the company's current market valuation.

Negative

• None.

LONDON, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) today announced that on July 29, 2022, the Company granted its newly hired Chief People Officer Nicole Jones and four other newly hired employees non-statutory options to purchase an aggregate of 240,000 and 35,250 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 $0.90 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on July 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 may 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 U.S.

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) in August 2022?

Freeline Therapeutics granted 240,000 stock options to Chief People Officer Nicole Jones and 35,250 to four other employees, with an exercise price of $0.90 per share.

What is the vesting schedule for the stock options granted by Freeline Therapeutics (FRLN)?

The stock options have a four-year vesting schedule, with 25% vesting on the first anniversary and the remainder vesting monthly over the following three years.

How does the stock option grant affect Freeline Therapeutics (FRLN) employees?

The stock option grant is intended to incentivize and retain talent, aligning employee interests with the company's long-term success.

What are the recent developments in Freeline Therapeutics (FRLN) gene therapy programs?

Freeline is advancing its clinical-stage gene therapies for hemophilia B, Fabry disease, and Gaucher disease Type 1.