Gemini Therapeutics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

Rhea-AI Summary

Gemini Therapeutics (Nasdaq: GMTX) announces the grant of inducement awards to CFO Brian Piekos and CMO Dr. Sam Barone as part of their employment agreements, approved by the Compensation Committee. Mr. Piekos receives an option to purchase 377,734 shares at $12.59 each, and Dr. Barone receives an option for 255,212 shares, both with a ten-year term and a four-year vesting schedule. The company is focused on developing treatments for age-related macular degeneration (AMD), with lead candidate GEM103 currently in clinical trials.

Positive

• Inducement awards granted to key executives to enhance leadership stability.
• GEM103 in Phase 2a trial for dry AMD shows ongoing clinical development and potential growth.

Negative

• None.

Gemini Therapeutics, Inc. (Nasdaq: GMTX), a clinical stage precision medicine company developing innovative treatments for genetically defined age-related macular degeneration (AMD), today announced the grant of an inducement award to Brian Piekos, Gemini’s Chief Financial Officer and the grant of an inducement award to Dr. Sam Barone, Gemini’s Chief Medical Officer. In accordance with NASDAQ Listing Rule 5635(c)(4), the award was approved by Gemini’s Compensation Committee and made as a material inducement to both Mr. Piekos’ and Dr. Barone’s entry into employment with the Company.

In connection with the appointment, Mr. Piekos received an option to purchase 377,734 shares shares of Gemini common stock on April 12, 2021 at an exercise price of $12.59 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.

In connection with the appointment, Dr. Barone received an option to purchase 255,212 shares shares of Gemini common stock on April 12, 2021 at an exercise price of $12.59 per share, the closing trading price on the Nasdaq Global Select Market on the date of grant.

The agreement covering these option awards is consistent with Gemini’s standard stock option inducement award agreement. The option has a ten-year term and a four-year vesting schedule, with 25% of the shares subject to the option vesting on the first anniversary of the grant date and the remainder in equal monthly installments over the following three years, subject to Mr. Piekos’ and Dr. Barone’s continued service with Gemini through the applicable vesting date.

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 is currently 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. The company has generated a rich pipeline including recombinant proteins, gene therapies, and monoclonal antibodies and is advancing a potentiating antibody for CFH, GEM307, into clinical development for treatment of systemic diseases.

For more information, visit www.geminitherapeutics.com.

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FAQ

What inducement awards were granted to GMTX executives?

Brian Piekos received an option to purchase 377,734 shares, while Dr. Sam Barone received an option for 255,212 shares, both at $12.59.

What is the purpose of the stock options granted to GMTX executives?

The stock options serve as material inducements for the executives' entry into employment with Gemini Therapeutics.

What are the clinical trials associated with GMTX's GEM103?

GEM103 is currently in a Phase 2a trial for dry age-related macular degeneration and a Phase 1/2a study for neovascular AMD.

What is the vesting schedule for the options awarded to GMTX executives?

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

What is Gemini Therapeutics' focus in precision medicine?

Gemini Therapeutics is focused on innovative treatments for genetically defined age-related macular degeneration.