Gemini Therapeutics Provides Corporate Update

Rhea-AI Summary

Gemini Therapeutics (NASDAQ: GMTX) announces a significant leadership change, with Georges Gemayel appointed as interim President and CEO, taking over from Jason Meyenburg. The Board initiated a strategic review to enhance shareholder value, although there's no guarantee of resulting transactions. Additionally, the company plans to restructure by reducing its workforce by 80%, equating to 24 employees, to conserve resources during this evaluation phase. Gemini focuses on innovative treatments for age-related macular degeneration, with its lead candidate GEM103 undergoing clinical trials.

Positive

• Appointment of Georges Gemayel as interim President and CEO may provide leadership stability.
• Strategic review process initiated to potentially enhance shareholder value.

Negative

• Significant workforce reduction of 80% could impact operational capabilities.
• Uncertainty surrounding the strategic review process with no assurance of beneficial outcomes.

Remote-First-Company/Mass.--(BUSINESS WIRE)-- Gemini Therapeutics, Inc. (Nasdaq: GMTX), a clinical stage precision medicine company developing innovative treatments for genetically-defined age-related macular degeneration (AMD), today provided a corporate update announcing a leadership transition, strategic evaluation and corporate restructuring.

The Board of Directors has appointed Georges Gemayel, Ph.D., the Company’s current Executive Chair, as interim President and Chief Executive Officer to succeed Jason Meyenburg, who has transitioned from his roles as President, CEO and Director and will continue to serve as an advisor to the Company.

Additionally, the Company has initiated a process to evaluate strategic alternatives in order to maximize shareholder value. There can be no assurance that this strategic review process will result in the Company pursuing any transaction or that any transaction, if pursued, will be completed on attractive terms or at all. The Company has not set a timetable for completion of this strategic review process, and the Company does not intend to comment further unless or until its Board of Directors has approved a definitive course of action, the review process is concluded, or it is determined other disclosure is appropriate.

As part of its corporate restructuring, Gemini intends to reduce its workforce by 24 employees, approximately 80 percent, by the end of the second quarter of 2022 with remaining employees focused on GEM307’s IND-enabling tasks. “We have decided to reduce the Company’s operations to preserve financial resources until the strategic evaluation process concludes,” stated Dr. Gemayel, Executive Chair and interim President and Chief Executive Officer. “On behalf of the entire Board, we would like to express our sincere appreciation to Jason and the impacted employees for their dedication and contributions to the Company.”

About Gemini Therapeutics

Gemini Therapeutics is a clinical stage precision medicine company developing novel therapeutic compounds to treat genetically defined age-related macular degeneration (AMD). Gemini’s lead candidate, GEM103, is a recombinant form of human complement factor H protein (CFH) and is designed to address both complement hyperactivity and restore retinal health in patients with AMD. GEM103 has been evaluated in a Phase 2a trial in dry AMD patients with a CFH risk variant and a Phase 1/2a study in patients with neovascular age-related macular degeneration with or at risk for macular atrophy. Gemini is also working to advance a potentiating antibody for CFH, GEM307, towards clinical development for treatment of systemic diseases. For more information, visit www.geminitherapeutics.com.

Availability of Other Information About Gemini Therapeutics

Investors and others should note that we communicate with our investors and the public using our website (www.geminitherapeutics.com), the investor relations website (https://investors.geminitherapeutics.com/), and on social media (Twitter and LinkedIn), including but not limited to investor presentations and investor fact sheets, U.S. Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that Gemini posts on these channels and websites could be deemed to be material information. As a result, Gemini encourages investors, the media, and others interested in Gemini to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on Gemini’s investor relations website and may include additional social media channels. The contents of Gemini’s website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Gemini’s Forward-Looking Statements

Certain statements in this press release and the information incorporated herein by reference may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, including those relating to the timing of and costs associated with our restructuring, and the benefits we expect to receive from the restructuring, the timing and success of the strategic alternative review process or the ability to complete a potential strategic transaction. Forward-looking statements include statements relating to our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in the Gemini’s most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors included in any of our future filings with the SEC. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Some of these risks and uncertainties may in the future be amplified by the ongoing COVID-19 pandemic and there may be additional risks that we consider immaterial or which are unknown. It is not possible to predict or identify all such risks. Our forward-looking statements only speak as of the date they are made, and we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220228005234/en/

Brian Piekos

(617) 401-4400

IR@geminitherapeutics.com

Source: Gemini Therapeutics, Inc.

FAQ

What leadership changes occurred at Gemini Therapeutics (GMTX)?

Georges Gemayel has been appointed as interim President and CEO, succeeding Jason Meyenburg.

What is the current status of Gemini Therapeutics' strategic review?

Gemini is evaluating strategic alternatives, although there is no timeline or guaranteed outcome for any potential transactions.

How many employees is Gemini Therapeutics planning to lay off?

The company plans to reduce its workforce by approximately 80%, which amounts to 24 employees.

What is Gemini Therapeutics' focus area in precision medicine?

Gemini Therapeutics is developing treatments for genetically-defined age-related macular degeneration (AMD).

What is the lead candidate for Gemini Therapeutics?

Gemini's lead candidate is GEM103, a recombinant form of the human complement factor H protein.