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.