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

Rhea-AI Summary

Freeline Therapeutics Holdings plc (Nasdaq: FRLN) announced the granting of non-statutory options for 416,850 ordinary shares to five newly hired employees on September 30, 2022. These awards, compliant with Nasdaq Listing Rule 5635(c)(4), were approved by an independent subcommittee and are part of the 2021 Equity Inducement Plan. The options have an exercise price of $0.68 per share, vesting over four years. Freeline focuses on innovative gene therapies for inherited diseases, with ongoing clinical programs in hemophilia B, Fabry disease, and Gaucher disease Type 1.

Positive

• Granting of 416,850 share options indicates growth and expansion due to new hires.
• Inducement awards align with Nasdaq rules, highlighting regulatory compliance.
• The exercise price of $0.68 reflects the company's market value as of the grant date.

Negative

• None.

LONDON, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Freeline Therapeutics Holdings plc (Nasdaq: FRLN) today announced that on September 30, 2022, the Company granted five newly hired employees non-statutory options to purchase an aggregate of 416,850 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 $0.68 per share, which was the closing price of Freeline’s American Depositary Shares reported by Nasdaq on September 29, 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 and capsid (AAVS3), 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 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:

Naomi Aoki
naomi.aoki@freeline.life 
Senior Vice President, Head of Investor Relations & Communications
+ 1 617 283 4298

FAQ

What options did Freeline Therapeutics grant on September 30, 2022?

Freeline granted non-statutory options to purchase 416,850 ordinary shares to five new employees.

What is the exercise price for the options granted by Freeline on September 30, 2022?

The exercise price of the options is $0.68 per share.

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

The options vest over a four-year service period.

What are Freeline Therapeutics' key clinical programs?

Freeline is focused on therapies for hemophilia B, Fabry disease, and Gaucher disease Type 1.