Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR) 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.
Paul B. Cleveland, 61, a member of the Board, has been appointed to serve as the Company’s Interim President and Chief Executive Officer, effective as of the Separation Date, while the Company conducts a search for a permanent President and Chief Executive Officer.
In connection with his appointment as Interim President and Chief Executive Officer, Mr.Cleveland and the Company entered into an offer letter (the “Offer Letter”). Mr.Cleveland will continue to serve as a director of the Company but has stepped down as the Chair of the Audit Committee of the Board. to the Offer Letter, Mr.Cleveland will receive an annual base salary of $578,000 and a $100,000 sign-on bonus. Mr.Cleveland is also eligible to receive a retention bonus of up to $158,950 if he remains continuously employed with the Company through the earlier of the six-month anniversary of his start date of employment and the date that a new Chief Executive Officer begins employment with the Company (such date, the “Earn Date”). Additionally, subject to approval by the Board, Mr.Cleveland will be granted an option to purchase 100,000 shares of common stock of the Company, which will vest in full on the Earn Date.
Mr.Cleveland has served as a member of the Board since August 2015. Since June 2017, Mr.Cleveland has served as the Chairman of the board of directors of Adverum Biotechnologies, Inc., a biotechnology company. Mr.Cleveland previously served as the Executive Chairman of Adverum from October 2016 to June 2017, and as President and Chief Executive Officer from December 2015 to October 2016. From May 2015 to November 2015, Mr.Cleveland served as President and Chief Executive Officer at Celladon Corporation, a clinical-stage biotechnology company, and previously served as Celladon’s President and Chief Financial Officer since June 2014. From February 2013 to August 2013, Mr.Cleveland served as Executive Vice President, Corporate Strategy and Chief Financial Officer of Aragon Pharmaceuticals, Inc., a biotechnology company. From April 2011 to February 2013, Mr.Cleveland served as General Partner and Chief Operating Officer of Mohr Davidow Ventures, a venture capital firm. From January 2006 to February 2011, Mr.Cleveland served as Executive Vice President, Corporate Development and Chief Financial Officer of Affymax, Inc., a biopharmaceutical company. From April 2004 to December 2005, he served as a managing director at Integrated Finance, Ltd., an investment bank. From September 1996 to April 2003, Mr.Cleveland served as a managing director at investment bank J.P. Morgan Chase and Co. and a predecessor firm, Hambrecht& Quist. From January 1993 to September 1996, Mr.Cleveland was a partner at Cooley LLP, from December 1988 to December 1992, he was a corporate attorney at Sidley Austin LLP and from September 1981 to November 1988, he was a corporate attorney at Davis Polk& Wardwell LLP. Mr.Cleveland currently serves as the Chairman of the board of directors of Adverum Biotechnologies. Mr.Cleveland previously served on the board of directors of Sangamo BioSciences, Inc. from November 2008 to August 2016, and on the board of directors of Celladon from May 2015 to November 2015. Mr.Cleveland received an A.B. from Washington University in St. Louis and a J.D. from Northwestern University School of Law.
The foregoing summary of the Offer Letter is not intended to be complete and is qualified in its entirety by reference to the full text of the Offer Letter to be filed as an exhibit to the Company’s Quarterly Report on Form10-Qfor the quarter ended March31, 2018.
About Alder BioPharmaceuticals, Inc. (NASDAQ:ALDR)
Alder Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company discovers, develops and focuses to commercialize therapeutic antibodies with the potential to transform current treatment paradigms. The Company’s pipeline includes ALD403, Clazakizumab and ALD1613. ALD403 is the Company’s monoclonal antibody targeted to calcitonin gene-related peptide (CGRP) for migraine prevention. Clazakizumab is a monoclonal antibody that inhibits the pro-inflammatory cytokine interleukin-6 (IL-6), and is in development for both rheumatoid arthritis (RA) and psoriatic arthritis (PsA). ALD1613 is a monoclonal antibody that inhibits Adrenocorticotropic Hormone, and is being developed for the treatment of Cushing’s disease. Its candidate, Eptinezumab, is an investigational product candidate being developed as a migraine prevention treatment for patients with chronic and frequent episodic migraine. It is also is developing ALD1910, a genetically engineered monoclonal antibody.