Gemini Axes Chief Scientific Officer, 20% Of Staff To Focus On Geographic Atrophy Candidate

Gemini Therapeutics Inc GMTX announced a corporate restructuring, including several executive officer transitions, prioritizing assets, and focusing on GEM103's pivotal trial in geographic atrophy (GA).
The Company will cease research and non-clinical programs, including activities associated with gene therapy programs and translational research on Complement Factor H (CFH) and Complement Factor I (CFI).
In June, Gemini shared initial phase 2a data on GEM103 in patients with geographic atrophy secondary to dry age-related macular degeneration.
The study linked GEM103 to increased levels of CFH and changes in biomarkers of complement activation, leading Gemini to start talking about its plans for a late-stage clinical trial.
With the early data in hand, Gemini has decided the $167.5 million in cash that it had at the end of June on "GEM103's resource-intensive pivotal trial in geographic atrophy."
"We are shifting Gemini's focus from a research and development organization to become a development-stage company exclusively," Gemini CEO Jason Meyenburg.
The Company plans to initiate a controlled study of GEM103 in GA in early-2022.
Gemini expects its year-end headcount to come in 20% below its previously planned level.
The changes include eliminating the posts of chief scientific officer and chief people officer, which are currently held by Walter Strapps and Precillia Redmond, respectively.
Price Action: GMTX stock traded 1.84% higher at $3.87 on the last check Tuesday.