Gemini Therapeutics Announces Reverse Merger Pact With Hematology-Focused Company

Gemini Therapeutics Announces Reverse Merger Pact With Hematology-Focused Company
  • Gemini Therapeutics Inc 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.

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