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Gemini Therapeutics Reports Inducement Grants under NASDAQ Listing Rule 5635(c)(4)
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Rhea-AI Sentiment
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Rhea-AI Summary
Gemini Therapeutics (Nasdaq: GMTX) announced the grant of inducement awards under its 2021 Inducement Plan to two new employees, totaling 217,000 stock options. This decision aligns with NASDAQ Listing Rule 5635(c)(4) and aims to incentivize employee entry into the company. Each option has a ten-year term and a four-year vesting schedule. Gemini is a clinical-stage precision medicine company focused on innovative treatments for age-related macular degeneration (AMD), notably its product GEM103, which is currently in clinical trials.
Positive
Granting of 217,000 stock options to incentivize new employees.
Options feature a ten-year term and a structured four-year vesting schedule.
Negative
None.
CAMBRIDGE, 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 announced the grant of inducement awards under Gemini’s 2021 Inducement Plan to two new employees of options to purchase an aggregate of 217,000 shares of Gemini’s common stock. In accordance with NASDAQ Listing Rule 5635(c)(4), the awards were approved by Gemini’s Compensation Committee and made as a material inducement to each employee’s entry into employment with Gemini.
The agreements covering these option awards are consistent with Gemini’s standard stock option inducement award agreement. Each 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 each employee’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. 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.
What is the significance of the inducement awards granted by Gemini Therapeutics (GMTX)?
The inducement awards, totaling 217,000 stock options, are designed to attract new talent and align employee interests with company performance.
What is the vesting schedule for the stock options granted by Gemini Therapeutics?
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 (GMTX) known for?
Gemini Therapeutics is focused on developing precision medicine treatments for genetically defined age-related macular degeneration (AMD), including its lead candidate GEM103.
How does the grant of stock options impact Gemini Therapeutics shareholders?
The grant of stock options can potentially align employee performance with shareholder interests but may also lead to dilution if exercised.
