ACTINIUM PHARMACEUTICALS, INC.Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
Item 5.02 Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
On June 15, 2017, Actinium Pharmaceuticals, Inc. (the Company)
named Nitya Ray, Ph.D. a named executive officer. Dr. Ray is the
Companys Executive Vice President, Head of Product Development,
Manufacturing and Supply Chain.
Dr. Ray joins the Company from CytoDyn, Inc. where he was Sr.
Vice President of Manufacturing and CMC Team Leader. At CytoDyn
Dr. Ray developed robust and cost effective manufacturing
processes for an antibody therapeutic drug candidate, currently
in two Phase 3 clinical studies intended to treat and prevent HIV
infection. Dr. Ray led a successful regulatory meetings with the
FDA while simultaneously developing strategies for process
development, scale-up, validation, commercial manufacturing, and
supply chain to support potential commercialization of the
CytoDyn’s HIV therapeutic drug candidate. Prior to CytoDyn, Dr.
Ray spent 15 years at Progenics Pharmaceuticals, Inc., a
radiopharmaceutical therapeutic and diagnostic company, most
recently as Senior Vice President, Manufacturing. At Progenics,
Dr. Ray led the development of scalable manufacturing processes
and achieved order-of-magnitude cost reduction through improved
productivity and scale. In addition, Dr. Ray built process and
product development teams for Progenics’ small molecule,
biologics, and radiopharmaceuticals that developed innovative
processes for various phases of clinical development and
commercial manufacturing. Dr. Ray supported in-house cGMP
biologics manufacturing for Phase 13 clinical development and
managed relationships with Contract Development and manufacturing
Organizations (CDMO’s) on a global basis. Dr. Ray also worked at
Hoffman-La Roche with a focus on biopharmaceuticals and Verax
Corporation in roles of increasing responsibility. Dr. Ray has a
Ph.D. in Biochemical Engineering and an M.S. in Chemical and
Biochemical Engineering from Rutgers University and a B.S. in
Chemical Engineering from Jadavpur University.
Compensatory Plan
On May 26, 2017 the Company and Dr. Ray entered into an Offer
Letter (the Employment Agreement). to the Employment Agreement,
Dr. Ray is entitled to the following compensation and benefits:
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Vesting Schedule. Twenty-eight percent (28%) of the initial options granted shall vest twelve months after the date of grant and two percent (2%) of the remainder shall vest each month thereafter until fully vested. Such additional options or restricted stock will have an exercise price per share which is equal to fair market value as determined by the Board on the date of the grant. Two percent (2%) of such additional options or stock shall vest each month thereafter until fully vested. The term of all options granted under this Agreement will be for 10 years from the date of grant, subject to Dr. Rays continuing service with the Company. |
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Dr. Ray is also eligible to participate in the Companys benefit plans that are generally provided for executive employees. |
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A copy of the Employment Agreement will be included as an exhibit
to the Companys Form 10-Q for the quarter ending June 30, 2017.
