CAMBRIDGE, Mass. & MONTREAL, Quebec--(BUSINESS WIRE)--Repare Therapeutics Inc. (“Repare” or the “Company”) (Nasdaq: RPTX), a leading clinical-stage precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics, today announced that each of its President and Chief Executive Officer Lloyd Segal, Executive Vice President, Chief Scientific Officer Michael Zinda, Executive Vice President, Discovery Cameron Black, and Executive Vice President, Head of Business & Corporate Development Kim Seth (collectively, the “Executives”), as well as certain other insiders of the Company (the “Other Insiders” and collectively with the Executives, the “Participants”), have established Automatic Securities Disposition Plans (“ASDPs”) in accordance with applicable United States and Canadian securities legislation, including the recommended practices set forth in the recently issued Canadian Securities Administrators’ Staff Notice 55-317(“Staff Notice 55-317”) and the Company’s internal policies.
While Repare is listed on the Nasdaq Global Select Market, it is also considered a reporting issuer under the Securities Act (Québec) and is therefore announcing the establishment of the ASDPs in furtherance of the recently published guidance provided by the Canadian Securities Administrators in Staff Notice 55-317.
Under U.S. and Canadian securities laws and the Company’s trading policies, insiders of Repare are subject to limits on their ability to sell shares in the Company. The ASDPs address this issue by permitting trades to be made in accordance with pre-arranged instructions given when Participants are not in possession of any material undisclosed information.
Up to 211,931 common shares of Repare may be sold under the ASDPs implemented by the Executives in the aggregate, and up to 227,341 common shares of Repare may be sold under the ASDPs implemented by the Other Insiders. The ASDPs are designed to allow for an orderly disposition of each of the Participants’ shares in Repare at prevailing market prices over the course of the 12 to 24 months that the ASDPs are expected to be in place. Sales of the common shares under the ASDPs will only commence after the Company has filed its next annual financial statements for the fiscal year ended December 31, 2020, in accordance with the recent recommended practices set forth in Staff Notice 55-317.
Each Participant has provided for clear trading parameters and other instructions in writing to the independent dealers administering the ASDPs, specifying the number of securities to be sold and setting out minimum trade prices, which in most cases exceed the current trading price of the Company’s common shares, and the dates or frequencies of sales. The ASDPs prohibit the dealer administering the ASDPs from consulting with the Participants regarding any sales under the ASDPs and prohibit the Participants from disclosing to the dealer any information concerning the Company that might influence the execution of the ASDPs.
The ASDPs contain meaningful restrictions on the ability of the Participants to amend, suspend or terminate the ASDPs that have the effect of ensuring that the Participants cannot benefit from material non-public information..
About Repare Therapeutics, Inc.
Repare Therapeutics is a leading clinical-state precision oncology company enabled by its proprietary synthetic lethality approach to the discovery and development of novel therapeutics. The Company utilizes its genome-wide, CRISPR-enabled SNIPRx® platform to systematically discover and develop highly targeted cancer therapies focused on genomic instability, including DNA damage repair. The Company’s pipeline includes its lead product candidate RP-3500, a potential leading ATR inhibitor, as well as CCNE1-SL inhibitor and Polθ inhibitor programs. For more information, please visit reparerx.com.
SNIPRx® is a registered trademark of Repare Therapeutics, Inc.