BETHESDA, Md., April  08, 2024  (GLOBE NEWSWIRE) -- Gain Therapeutics, Inc. (Nasdaq: GANX) ("Gain", or the "Company"), a clinical-stage biotechnology company leading the discovery and development of the next generation of allosteric small molecule therapies, today announces the appointment of Gene Mack, MBA as its chief financial officer, effective as of April 8, 2024.

"We are thrilled to welcome Gene as our new CFO," commented Gain CEO Matthias Alder. "His experience as an operational CFO with a track record of successful financing, M&A and other strategic transactions combined with his scientific background and career as an equity research analyst ideally complement our executive management team as we expand our outreach to the investor community and progress our lead drug candidate GT-02287 in the clinic."

Gene has over 25 years of experience in the life sciences sector spanning clinical research, financing and capital markets, investing, corporate strategy and business development. Prior to joining Gain, Gene was CFO at privately held Imcyse SA between 2021 and 2023. Prior to Imcyse, Gene was CFO at OncoC4, a privately held biotechnology company that spun out of Merck & Co's (MSD) $475 million acquisition of OncoImmune in 2020 where he had also been CFO. Before that, he has held the CFO role for several development- and commercial-stage biopharmaceutical companies, raising over $350 million in IPO and other equity transactions. Prior to his operational experience, Gene covered the biotechnology and life sciences sector as a senior publishing analyst at various investment banks, including Gruntal & Co, Lazard, Mizuho, and HSBC. Gene received his BS in Biochemistry and MBA in Finance from Fordham University.

"I am excited to join Gain Therapeutics during this important stage of corporate growth and scientific progression. The company is well-positioned to deliver on upcoming clinical milestones with its lead drug candidate GT-02287 and I look forward to working with Gain's exceptionally talented and experienced team to bring this best and first-in-class treatment to Parkinson's patients," added Mr. Mack.

Inducement Grant

In connection with his appointment, the Company granted Mr. Mack an option to purchase 200,000 shares of the Company's common stock at an exercise price equal to $3.56 per share, the closing price of the Company's common stock on April 5, 2024, the last trading day preceding Mr. Mack's employment start date and date of grant. This award was approved by Gain's Board of Directors and granted under the Gain Therapeutics, Inc. 2021 Inducement Equity Incentive Plan, as an inducement material to Mr. Mack entering into employment with Gain, in accordance with Nasdaq Listing Rule 5635(c)(4).

The stock option vests over four years, with one-fourth (1/4th) of the shares subject to the option vesting on the first anniversary of Mr. Mack's employment start date (the "Initial Vesting Date") and the remaining three-fourths (3/4ths) of the shares subject to the option vesting in a series of thirty-six (36) successive equal monthly installments on each subsequent monthly anniversary of the Initial Vesting Date, subject to Mr. Mack being continuously employed by the Company as of such vesting dates.

The Company is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

About GT-02287

Gain Therapeutics' lead drug candidate, GT-02287, is in clinical development for the treatment of GBA1 Parkinson's disease (GBA1-PD). The orally administered, brain-penetrant small molecule is an allosteric protein modulator that restores the function of the lysosomal protein enzyme glucocerebrosidase (GCase) which becomes misfolded and impaired due to a GBA1 gene mutation, the most common genetic abnormality associated with PD. In preclinical models of PD, GT-02287 restored GCase enzymatic function, reduced aggregated α-synuclein, neuroinflammation and neuronal death, increased dopamine levels and improved motor function. Additionally, GT-02287 significantly reduced plasma neurofilament light chain (NfL) levels, an emerging biomarker for neurodegeneration.

Gain's lead program in Parkinson's disease has been awarded funding support from The Michael J. Fox Foundation for Parkinson's Research (MJFF) and The Silverstein Foundation for Parkinson's with GBA, as well as from the Eurostars-2 joint program with co-funding from the European Union Horizon 2020 research and Innosuisse – Swiss Innovation Agency.

About GBA1 Parkinson's Disease

GBA1 Parkinson's disease is caused by mutations in the GBA1 gene, found in up to 15% of patients with Parkinson's disease and making it the primary genetic risk factor. The mutation causes dysfunctional misfolding of the lysosomal enzyme glucocerebrosidase (GCase), reducing its activity in the brain and leading to the subsequent accumulation of α-synuclein and degeneration of dopamine-containing nerve cells. Patients with GBA1-PD tend to have earlier onset and faster symptom progression than those with sporadic PD, a progressive neurodegenerative disease characterized by a motor syndrome consisting of bradykinesia (slowness of movement), rigidity, resting tremors, and postural instability. With current therapies treating only the symptoms of Parkinson's disease without affecting the underlying progression of the disease, there is an unmet need to develop novel disease-modifying therapies such as GT-02287 that have the potential to slow or stop disease progression and help improve outcomes in this patient population.