Oncobiologics, Inc. (NASDAQ:ONS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
As previously reported, on June 18, 2018, Pankaj Mohan, Ph.D., resigned as Chairman of the board of directors (the “Board”) of Oncobiologics, Inc. (the “Company”) and as the Company’s Chief Executive Officer (“CEO”) with immediate effect. On July 2, 2018, Dr. Mohan and the Company entered into a separation agreement and release and a consulting agreement to memorialize the terms of his severance and consulting arrangements with the Company. The separation and release agreement becomes effective, in accordance with its terms, on July 10, 2018, the eighth day after execution. The consulting agreement became effective immediately upon execution. to the separation agreement and release, and consistent with the terms of his employment agreement dated February 22, 2016, Dr. Mohan will receive, as severance, his current base salary ($490,000) and target cash bonus ($245,000), payable in two installments, 50% within 10 business days of effectiveness of the agreement and 50% no later than January 4, 2019. Dr. Mohan will also receive 12 months of COBRA reimbursement. Dr. Mohan also agreed to non-solicit and non-compete covenants, as well as executed a general release of claims in connection therewith. Under the consulting agreement, Dr. Mohan agreed to a six-month consulting arrangement, to which he will be paid at 50% of his current base salary, and will be focused on the ONS-5010 development program. Such consulting arrangement may be extended as mutually agreed by Dr. Mohan and the Company or terminated early in accordance with the terms. As a non-employee member of the Board, Dr. Mohan is also eligible to receive compensation on the same terms as other non-employee Directors.
The foregoing description of the terms of such separation agreement and release and of the consulting agreement do not purport to be complete and are qualified in their entirety by the full text of such agreements. The Company intends to file copies of such agreements with the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2018.
About Oncobiologics, Inc. (NASDAQ:ONS)
Oncobiologics, Inc. is a clinical-stage biopharmaceutical company. The Company focuses on identifying, developing, manufacturing and commercializing complex biosimilar therapeutics. It focuses on monoclonal antibodies (mAbs) in the disease areas of immunology and oncology. The Company’s BioSymphony Platform focuses on developing and commercializing mAb biosimilars. The Company is developing a portfolio of approximately eight mAb biosimilars. The Company has advanced two product candidates into clinical trials: ONS-3010 and ONS-1045. ONS-3010 is a Phase III-ready biosimilar to adalimumab (Humira). ONS-1045 is a Phase III-ready biosimilar to bevacizumab (Avastin). The Company has identified multiple other biosimilar product candidates, including approximately six candidates that are in preclinical development. ONS-1050 is its trastuzumab (Herceptin) biosimilar. Its other product candidates include ONS-4010, ONS-1055, ONS-3030, ONS-3035 and ONS-3040.
