Gemini Therapeutics Announces Reverse Merger Pact With Hematology-Focused Company

Author: Vandana Singh | August 10, 2022 09:36am

• Gemini Therapeutics Inc (NASDAQ:GMTX) and privately held Disc Medicine Inc have entered into a merger agreement in an all-stock transaction. 
• The combined company will focus on advancing Disc's pipeline of hematology programs, including multiple patient studies for its clinical-stage programs bitopertin and DISC-0974. 
• The combined company will operate under the Disc Medicine moniker, trade on Nasdaq Global Market under the 'IRON' ticker, and be led by Disc Medicine's CEO, John Quisel.
• Also Read: Gemini Axes Chief Scientific Officer, 20% Of Staff To Focus On Geographic Atrophy Candidate.
• A syndicate of healthcare investors led by Access Biotechnology and including OrbiMed, Atlas Venture, 5AM Ventures, Novo Holdings A/S, Arix Bioscience, Rock Springs Capital, and Janus Henderson Investors will provide $53.5 million financing to Disc.
• The combined company is expected to have approximately $175 million of cash or cash equivalents. 
• The cash resources will be used to advance Disc's pipeline through multiple clinical studies and provide runway into 2025. 
• The merger is expected to close in Q4 of 2022.
• Price Action: GMTX shares are down 8.97% at $1.42 on the last check Wednesday.

Posted In: GMTX