Repare Therapeutics Insiders Establish Automatic Securities Disposition Plans

Rhea-AI Summary

Repare Therapeutics Inc. (Nasdaq: RPTX) announces the establishment of new Automatic Securities Disposition Plans (ASDPs) by its executive officers in accordance with U.S. and Canadian securities legislation. The ASDPs permit the orderly disposition of up to 929,670 common shares of Repare over approximately 15 months at prevailing market prices, with clear trading parameters and restrictions to prevent the use of material non-public information.

Insights

Legal Expert

The establishment of Automatic Securities Disposition Plans (ASDPs) by the executives at Repare Therapeutics Inc. is a strategic move to comply with insider trading regulations. This measure is taken in adherence to the U.S. Securities and Exchange Commission (SEC) Rule 10b5-1 and Canadian securities legislation, which aim to prevent insider trading by allowing executives to sell their shares without the influence of material non-public information. The legal framework for ASDPs ensures that all disposals are pre-planned and occur without the discretion of the insider, thus mitigating legal risks and potential conflicts of interest. The introduction of ASDPs can be viewed as a commitment to transparency and good governance practices, which might positively influence investor perception and could potentially mitigate legal risks associated with insider trading allegations.

Financial Analyst

From a financial perspective, the announcement of ASDPs by Repare Therapeutics Inc.'s executives is a significant event that may influence the company's stock liquidity and market perception. The planned sale of up to 929,670 common shares could introduce a degree of selling pressure on the stock, potentially affecting its price. However, the fact that the sales are structured to occur over approximately 15 months, with clear parameters and minimum trade prices, suggests an attempt to minimize market disruption. Investors might view this as a sign of stability, with the gradual selling reflecting a structured and possibly less bearish sentiment than sudden large disposals. Moreover, the setting of minimum trade prices above the current trading price indicates confidence in the company's future prospects, which could be reassuring for investors.

Market Research Analyst

Understanding the implications of ASDPs on Repare Therapeutics Inc. requires an analysis of market trends and investor sentiment. The transparency of ASDPs can be reassuring to the market, demonstrating that executive trading is occurring within a regulated and non-discretionary framework. This could bolster investor confidence in the company's governance structures. Additionally, the market will likely monitor the execution of these plans, as any significant deviation from normal trading volumes or prices could signal changes in executive sentiment about the company's prospects. It's important to note that while ASDPs provide a structured way for executives to liquidate positions, they do not necessarily reflect the executives' outlook on the company's valuation, as these plans are often part of personal financial planning strategies.

CAMBRIDGE, Mass. & MONTREAL--(BUSINESS WIRE)-- Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today announced that its executive officers (collectively, the “Executives”) have established new Automatic Securities Disposition Plans (“ASDPs”), in accordance with applicable United States and Canadian securities legislation, including U.S. Securities and Exchange Commission (“SEC”) Rule 10b5-1 and the recommended practices set forth in the Canadian Securities Administrators’ Staff Notice 55-317 (“Staff Notice 55-317”) and the Company’s internal policies.

While Repare is listed on the Nasdaq Global Select Market, it is also considered a reporting issuer under the Securities Act (Québec) and is therefore announcing the establishment of the ASDPs in furtherance of the guidance provided by the Canadian Securities Administrators in Staff Notice 55-317.

Under U.S. and Canadian securities laws and the Company’s trading policies, insiders of Repare are subject to limits on their ability to sell shares in the Company. The ASDPs address this issue by permitting trades to be made in accordance with pre-arranged instructions given when Executives are not in possession of any material non-public information. In addition, each of the Executives has confirmed that, at the time of the establishment of the ASDPs, he or she was not in possession of any material non-public information regarding Repare and its securities.

Up to 929,670 common shares of Repare in the aggregate may be sold under the ASDPs implemented by each of its President and Chief Executive Officer, Lloyd M. Segal, Executive Vice President and Chief Financial Officer, Steve Forte, Executive Vice President and Chief Medical Officer, Maria Koehler, Executive Vice President and Chief Scientific Officer, Michael Zinda, Executive Vice President and Chief Business Officer, Kim Seth, Executive Vice President and Head of Discovery, Cameron Black, Executive Vice President Commercial and New Product Development, Philip Herman, and Executive Vice President of Human Resources, Daniel Bélanger. The ASDPs are designed to allow for an orderly disposition of each of the Executives’ shares in Repare at prevailing market prices over the course of the approximately 15 months that the ASDPs are expected to be in place. Sales of the common shares under the ASDPs will only commence after the later of: a) 90 days following the adoption of the ASDPs; or b) three full trading days following the date that the Company has publicly filed its annual financial statements for the fiscal year ending December 31, 2023, in accordance with the recommended practices set forth in Staff Notice 55-317 as well as the SEC Rule 10b5-1.

Each Executive has provided for clear trading parameters and other instructions in writing to the independent dealers administering the ASDPs, specifying the number of securities to be sold and setting out minimum trade prices, which mainly exceed the current trading price of the Company’s common shares, and the dates or frequencies of sales. The ASDPs prohibit the dealer administering the ASDPs from consulting with the Executives regarding any sales under the ASDPs and prohibit the Executive from disclosing to the dealer any information concerning the Company that might influence the execution of the ASDPs.

The ASDPs contain meaningful restrictions on the ability of the Executives to amend, suspend or terminate the ASDPs that have the effect of ensuring that the Executives cannot benefit from material non-public information. In addition, each Executive may only complete trades under one ASDP at any given time.

About Repare Therapeutics Inc.

Repare Therapeutics is a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics. The Company utilizes its genome-wide, CRISPR-enabled SNIPRx® platform to systematically discover and develop highly targeted cancer therapies focused on genomic instability, including DNA damage repair. The Company’s pipeline includes lunresertib (also known as RP-6306), a PKMYT1 inhibitor currently in Phase 1 clinical development; camonsertib (also known as RP-3500 or RG6526), a potential leading ATR inhibitor currently in Phase 1/2 clinical development and partnered with Roche; RP-1664, a preclinical PLK4 inhibitor program; RP-3467, a preclinical Polθ inhibitor program; as well as additional, undisclosed preclinical programs. For more information, please visit reparerx.com.

SNIPRx® is a registered trademark of Repare Therapeutics Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231229812707/en/

Repare:

Robin Garner

Vice President and Head of Investor Relations

Repare Therapeutics Inc.

info@reparerx.com

Investors:

Matthew DeYoung

Argot Partners

repare@argotpartners.com

Media:

David Rosen

Argot Partners

david.rosen@argotpartners.com

212-600-1902

Source: Repare Therapeutics Inc.

FAQ

What is the purpose of the Automatic Securities Disposition Plans (ASDPs) established by Repare Therapeutics Inc. (Nasdaq: RPTX)?

The ASDPs permit the orderly disposition of up to 929,670 common shares of Repare by its executive officers over approximately 15 months at prevailing market prices, in accordance with U.S. and Canadian securities legislation.

How many common shares of Repare can be sold under the ASDPs?

Up to 929,670 common shares of Repare in the aggregate may be sold under the ASDPs implemented by each of its executive officers.

What are the trading parameters and restrictions set for the ASDPs?

The ASDPs contain clear trading parameters and restrictions to prevent the use of material non-public information, including specifying the number of securities to be sold, setting out minimum trade prices, and prohibiting consultation with the executive officers regarding any sales under the ASDPs.