Gemini Therapeutics Provides Corporate Update
February 28 2022 - 8:30AM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220228005234/en/
Brian Piekos (617) 401-4400 IR@geminitherapeutics.com
Gemini Therapeutics (NASDAQ:GMTX)
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