ADVAXIS, INC. (NASDAQ:ADXS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 6, 2017, Advaxis, Inc. (the “Company”) announced that Daniel J. O’Connor has resigned as President and Chief Executive Officer and as a member of the Board of Directors of the Company, effective today. Anthony Lombardo has assumed the role of interim Chief Executive Officer to continue driving the Company’s development and commercialization plans forward during this transition.
In connection with Mr. O’Connor’s departure, the Company and Mr. O’Connor have entered into a separation agreement (“Separation Agreement”), to which Mr. O’Connor will receive: (i) cash payments in a total gross amount of $560,000, payable over a 12 month period, (ii) a one-time gross cash payment of $280,000, payable on or about July 13, 2017, and (iii) continued vesting on his equity in the Company. The Separation Agreement also contains a continuation of certain medical insurance benefits and other customary provisions. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of this document, which is filed hereto as Exhibit 10.1, and is incorporated herein by reference.
Mr. Lombardo, 70, currently serves as the Chief Business Officer and Senior Vice President of the Company. He is an accomplished industry veteran with nearly 30 years of leadership experience in the life sciences industry. Prior to joining Advaxis in April 2017, Mr. Lombardo was a Partner at The Channel Group, where, from 2014 to 2017 he provided strategic advisory services to biotechnology, pharma and med-tech companies. Previously, beginning in 2000, he was President and CEO of E-Z-EM Inc., which was sold to Bracco Diagnostics in 2008, where Mr. Lombardo remained and oversaw business operations for six years as the Chief Operating Officer. Prior to joining E-Z-EM, Lombardo served as the President of ALI Imaging Systems, Inc., which was sold to McKesson in 2002. He has also held leadership roles at General Electric Medical Systems, Philips Medical Systems, Loral/Lockheed Martin Corp. and Sony Corporation.
No family relationships exist between Mr. Lombardo and any of the Company’s directors or other executive officers. There are no arrangements between Mr. Lombardo and any other person to which Mr. Lombardo was selected as an officer, nor are there any transactions to which the Company is or was a participant and in which Mr. Lombardo has a material interest subject to disclosure under Item 404(a) of Regulation S-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
The following exhibit is filed as part of this report:
| Exhibit Number | Description | |
| 10.1 | Separation Agreement by and between Advaxis, Inc. and Daniel J. O’Connor, dated July 6, 2017. |
Advaxis, Inc. ExhibitEX-10.1 2 ex10-1.htm CONFIDENTIAL SEPARATION AGREEMENT THIS AGREEMENT (the “Agreement”) is entered into as of the Effective Date,…To view the full exhibit click here
About ADVAXIS, INC. (NASDAQ:ADXS)
Advaxis, Inc. is a clinical-stage biotechnology company. The Company’s immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm or Listeria) bioengineered to secrete antigen/adjuvant fusion proteins. It is focused on the discovery, development and commercialization of Lm-LLO cancer immunotherapies. The Company’s immunotherapy candidates include Axalimogene filolisbac, ADXS-PSA and ADXS-HER2. Axalimogene filolisbac (ADXS-HPV) is a lead Lm-LLO immunotherapy product candidate for the treatment of human papilloma virus (HPV) associated cancers. ADXS-PSA is an Lm-LLO immunotherapy product candidate designed to target the Prostate Specific Antigen (PSA) associated with prostate cancer. ADXS-HER2 is an Lm-LLO immunotherapy product candidate designed for the treatment of Human Epidermal Growth Factor Receptor 2 (HER2) expressing cancers, including human and canine osteosarcoma, breast, gastric and other cancers.
