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Repare Therapeutics Insiders Establish New and Modified Automatic Securities Disposition Plans
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Repare Therapeutics Inc. (NASDAQ: RPTX) has announced the modification and establishment of Automatic Securities Disposition Plans (ASDPs) by its executives and other insiders. Up to 328,681 shares may be sold under these ASDPs, which are designed to ensure orderly share disposition while adhering to U.S. and Canadian securities regulations. Sales will commence following the announcement of the fiscal year's annual financial statements, with set parameters to prevent trading based on undisclosed information. Repare specializes in precision oncology, focusing on novel cancer treatments.
Positive
Establishment of new Automatic Securities Disposition Plans (ASDPs) to manage share sales efficiently.
Up to 328,681 shares planned for orderly sale under ASDPs, enhancing liquidity and potentially stabilizing stock performance.
ASDPs are compliant with U.S. and Canadian regulations, promoting transparency.
Negative
The planned share sales could lead to increased supply in the market, potentially putting downward pressure on stock prices.
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 each of its: President and Chief Executive Officer, Lloyd Segal; Executive Vice President and Chief Financial Officer, Steve Forte; Executive Vice-President and Chief Scientific Officer, Michael Zinda; Executive Vice-President and Chief Medical Officer, Maria Kohler; Executive Vice-President Discovery, Cameron Black; and Executive Vice President, Head of Business & Corporate Development, Kim Seth (collectively, the “Executives”), as well as certain other insiders of the Company (the “Other Insiders” and collectively with the Executives, the “Participants”), have terminated existing Automatic Securities Disposition Plans (“ASDPs”) and established new ASDPs or modified existing ASDPs in accordance with applicable United States and Canadian securities legislation, including the recommended practices set forth in the recently issued 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 foregoing establishment or amendment of the ASDPs in furtherance of the recently published 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 Participants are not in possession of any material undisclosed information.
Up to 328,681 common shares of Repare may be sold under the ASDPs implemented or modified by the Executives in the aggregate, and up to 95,320 common shares of Repare may be sold under the ASDPs implemented by the Other Insiders. The ASDPs are designed to allow for an orderly disposition of each of the Participants’ shares in Repare at prevailing market prices over the course of the 12 to 24 months that the ASDPs are expected to be in place. Sales of the common shares under the ASDPs will only commence after the Company has announced and filed its next annual financial statements for the fiscal year ended December 31, 2021, in accordance with the recent recommended practices set forth in Staff Notice 55-317.
Each Participant 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 in most cases 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 Participants regarding any sales under the ASDPs and prohibit the Participants 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 Participants to amend, suspend or terminate the ASDPs that have the effect of ensuring that the Participants cannot benefit from material non-public information.
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 its lead product candidate RP-3500, a potential leading ATR inhibitor currently in Phase 1/2 clinical development,its second clinical candidate, RP-6306, a PKMYT1 inhibitor currently in Phase 1 clinical development, a Polθ inhibitor program, as well as eight other early-stage, pre-clinical programs. For more information, please visit reparerx.com.
SNIPRx® is a registered trademark of Repare Therapeutics Inc.
What are the new ASDPs established by Repare Therapeutics and how will they work?
Repare Therapeutics has established new Automatic Securities Disposition Plans (ASDPs) allowing executives to sell shares in an orderly manner, with trades guided by predetermined instructions.
How many shares may be sold under the ASDPs by Repare Therapeutics executives?
Up to 328,681 common shares may be sold under the ASDPs by Repare Therapeutics executives.
When will sales under the ASDPs start for Repare Therapeutics?
Sales under the ASDPs will commence after the company announces and files its next annual financial statements for the fiscal year ended December 31, 2021.
What is the purpose of the ASDPs for Repare Therapeutics insiders?
The ASDPs are designed to facilitate the orderly sale of shares while ensuring compliance with U.S. and Canadian securities laws.
What is the significance of the modification of ASDPs by Repare Therapeutics executives?
The modification of ASDPs aims to enhance regulatory compliance and transparency, allowing for structured share sales without impacting insider trading regulations.
