Gemini Therapeutics Announces Restructuring; Plans To Begin Controlled Study Of GEM103

(RTTNews) - Gemini Therapeutics, Inc. (GMTX) announced a corporate restructuring, including several executive officer transitions. The company's research and non-clinical programs will be ceased including activities associated with gene therapy programs. Gemini Therapeutics will reduce employee headcount by 20% compared to planned 2021 year-end headcount. The roles of Chief Scientific Officer and Chief People Officer, held by Walter Strapps, and Precillia Redmond, respectively, will be eliminated by the end of the year.

Gemini Therapeutics said it will concentrate resources to advance GEM103 for the treatment of genetically defined age-related macular degeneration. The company is planning to begin a controlled study of GEM103 in geographic atrophy in early-2022.

"We are shifting Gemini's focus from a research and development organization to exclusively become a development-stage company," said Jason Meyenburg, CEO.

Georges Gemayel, Chair of the Board, will transition to serve as Executive Chair. Brian Piekos, CFO, will now additionally serve as Chief Business Officer. Avner Ingerman has been promoted as Chief Development Officer.