Gain Therapeutics, Inc. (Nasdaq: GANX) (“Gain”, or the “Company”),
a clinical-stage biotechnology company leading the discovery and
development of the next generation of allosteric small molecule
therapies, today announces the appointment of Gene Mack, MBA as its
chief financial officer, effective as of April 8, 2024.
“We are thrilled to welcome Gene as our new
CFO,” commented Gain CEO Matthias Alder. “His experience as an
operational CFO with a track record of successful financing,
M&A and other strategic transactions combined with his
scientific background and career as an equity research analyst
ideally complement our executive management team as we expand our
outreach to the investor community and progress our lead drug
candidate GT-02287 in the clinic.”
Gene has over 25 years of experience in the life
sciences sector spanning clinical research, financing and capital
markets, investing, corporate strategy and business development.
Prior to joining Gain, Gene was CFO at privately held Imcyse SA
between 2021 and 2023. Prior to Imcyse, Gene was CFO at OncoC4, a
privately held biotechnology company that spun out of Merck &
Co’s (MSD) $475 million acquisition of OncoImmune in 2020 where he
had also been CFO. Before that, he has held the CFO role for
several development- and commercial-stage biopharmaceutical
companies, raising over $350 million in IPO and other equity
transactions. Prior to his operational experience, Gene covered the
biotechnology and life sciences sector as a senior publishing
analyst at various investment banks, including Gruntal & Co,
Lazard, Mizuho, and HSBC. Gene received his BS in Biochemistry and
MBA in Finance from Fordham University.
“I am excited to join Gain Therapeutics during
this important stage of corporate growth and scientific
progression. The company is well-positioned to deliver on upcoming
clinical milestones with its lead drug candidate GT-02287 and I
look forward to working with Gain’s exceptionally talented and
experienced team to bring this best and first-in-class treatment to
Parkinson’s patients,” added Mr. Mack.
Inducement Grant
In connection with his appointment, the Company
granted Mr. Mack an option to purchase 200,000 shares of the
Company’s common stock at an exercise price equal to $3.56 per
share, the closing price of the Company’s common stock on April 5,
2024, the last trading day preceding Mr. Mack’s employment start
date and date of grant. This award was approved by Gain’s Board of
Directors and granted under the Gain Therapeutics, Inc. 2021
Inducement Equity Incentive Plan, as an inducement material to Mr.
Mack entering into employment with Gain, in accordance with Nasdaq
Listing Rule 5635(c)(4).
The stock option vests over four years, with
one-fourth (1/4th) of the shares subject to the option vesting on
the first anniversary of Mr. Mack’s employment start date (the
“Initial Vesting Date”) and the remaining three-fourths (3/4ths) of
the shares subject to the option vesting in a series of thirty-six
(36) successive equal monthly installments on each subsequent
monthly anniversary of the Initial Vesting Date, subject to Mr.
Mack being continuously employed by the Company as of such vesting
dates.
The Company is providing this information in
accordance with Nasdaq Listing Rule 5635(c)(4).
About GT-02287
Gain Therapeutics’ lead drug candidate,
GT-02287, is in clinical development for the treatment of GBA1
Parkinson’s disease (GBA1-PD). The orally administered,
brain-penetrant small molecule is an allosteric protein modulator
that restores the function of the lysosomal protein enzyme
glucocerebrosidase (GCase) which becomes misfolded and impaired due
to a GBA1 gene mutation, the most common genetic abnormality
associated with PD. In preclinical models of PD, GT-02287 restored
GCase enzymatic function, reduced aggregated α-synuclein,
neuroinflammation and neuronal death, increased dopamine levels and
improved motor function. Additionally, GT-02287 significantly
reduced plasma neurofilament light chain (NfL) levels, an emerging
biomarker for neurodegeneration.
Gain’s lead program in Parkinson’s disease has
been awarded funding support from The Michael J. Fox Foundation for
Parkinson’s Research (MJFF) and The Silverstein Foundation for
Parkinson’s with GBA, as well as from the Eurostars-2 joint program
with co-funding from the European Union Horizon 2020 research and
Innosuisse – Swiss Innovation Agency.
About GBA1 Parkinson’s
Disease
GBA1 Parkinson’s disease is caused by mutations
in the GBA1 gene, found in up to 15% of patients with Parkinson’s
disease and making it the primary genetic risk factor. The mutation
causes dysfunctional misfolding of the lysosomal enzyme
glucocerebrosidase (GCase), reducing its activity in the brain and
leading to the subsequent accumulation of α-synuclein and
degeneration of dopamine-containing nerve cells. Patients with
GBA1-PD tend to have earlier onset and faster symptom progression
than those with sporadic PD, a progressive neurodegenerative
disease characterized by a motor syndrome consisting of
bradykinesia (slowness of movement), rigidity, resting tremors, and
postural instability. With current therapies treating only the
symptoms of Parkinson’s disease without affecting the underlying
progression of the disease, there is an unmet need to develop novel
disease-modifying therapies such as GT-02287 that have the
potential to slow or stop disease progression and help improve
outcomes in this patient population.
About Gain Therapeutics,
Inc.
Gain Therapeutics, Inc. is a clinical-stage
biotechnology company leading the discovery and development of next
generation allosteric therapies. Gain’s lead drug candidate
GT-02287 for the treatment of GBA1 Parkinson’s disease, is
currently being evaluated in a Phase 1 clinical trial.
Leveraging AI-supported structural biology,
proprietary algorithms and supercomputer-powered physics-based
models, the company’s Magellan™ drug discovery platform can
identify novel allosteric binding sites on disease-implicated
proteins, pinpointing pockets that cannot be found or drugged with
current technologies. Magellan™ is the next generation of Gain’s
original SEE-Tx® (Site-Directed Enzyme Enhancement Therapy)
platform, which was enhanced and expanded with new AI and
machine-learning tools and virtual screening capabilities to access
the emerging on-demand compound libraries covering vast chemical
spaces of over 50 billion compounds.
Gain’s unique approach enables the discovery of
novel, allosteric small molecule modulators that can restore or
disrupt protein function. Deploying its highly advanced platform,
Gain is accelerating drug discovery and unlocking novel
disease-modifying treatments for untreatable or difficult-to-treat
disorders including neurodegenerative diseases, rare genetic
disorders and oncology. For more information, please visit
GainTherapeutics.com and follow us on LinkedIn.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements in this press release other than
statements of historical facts are “forward-looking statements”. In
some cases, you can identify these statements by forward-looking
words such as "may," "might," "will," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "goal, " "intend,"
"seek, " "potential" or "continue," the negative of these terms and
variations of these words or similar expressions that are intended
to identify forward-looking statements, although not all
forward-looking statements contain these words. Forward-looking
statements in this press release include, but are not limited to,
statements regarding: the development of the Company’s current or
future product candidates including GT-02287; expectations
regarding the timing of results from a Phase 1 clinical study for
GT-02287; and the potential therapeutic and clinical benefits of
the Company’s product candidates. These forward-looking statements
are based on the Company’s expectations and assumptions as of the
date of this press release. Each of these forward-looking
statements involves risks and uncertainties that could cause the
Company’s preclinical and future clinical development programs,
future results or performance to differ materially from those
expressed or implied by the forward-looking statements. These
statements are not historical facts but instead represent the
Company's belief regarding future results, many of which, by their
nature, are inherently uncertain and outside the Company's control.
Many factors may cause differences between current expectations and
actual results, including the impacts of the post-COVID-19
environment and other global and macroeconomic conditions on the
Company’s business; clinical trials and financial position;
unexpected safety or efficacy data observed during preclinical
studies or clinical trials, clinical trial site activation or
enrollment rates that are lower than expected; changes in expected
or existing competition; changes in the regulatory environment; the
uncertainties and timing of the regulatory approval process; and
unexpected litigation or other disputes. Other factors that may
cause the Company’s actual results to differ from those expressed
or implied in the forward-looking statements in this press release
are identified in the section titled “Risk Factors,” in the
Company’s Annual Report on Form 10-K filed with the Securities
and Exchange Commission on March 26, 2024 and its other documents
subsequently filed with or furnished to the Securities and Exchange
Commission from time to time. All forward-looking statements
contained in this press release speak only as of the date on which
they were made. The Company undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made, except as required by
law.
Investor Contact:
CORE IR(516) 222-2560 ir@gaintherapeutics.com
Media Contacts:
Russo PartnersNic Johnson and Elio
Ambrosionic.johnson@russopartnersllc.comelio.ambrosio@russopartnersllc.com(212)
845-4242
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