ARCA biopharma, Inc. (NASDAQ:ABIO) 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.
(e)
On March 1, 2018, the Board of Directors (the “Board”) of ARCA biopharma, Inc. (the “Company”) approved cash bonuses for the Company’s principal executive officer, the Company’s principal financial officer and each of the Company’s “named executive officers” (as defined in Item 402(a)(3) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended), in the amounts set forth below, payable in the first quarter of 2018.
|
Name and Title |
Cash Bonus |
|
|
Michael R. Bristow President and Chief Executive Officer |
$ |
91,300 |
|
Thomas A. Keuer Chief Operating Officer |
$ |
54,500 |
|
Christopher D. Ozeroff Senior Vice President, General Counsel |
$ |
53,500 |
|
Brian L. Selby Vice President, Finance and Chief Accounting Officer |
$ |
44,500 |
The Board determined the cash bonuses are to be paid in recognition of the efforts of each of the executives during the prior year.
On the same day, the Company also approved paying compensation to its existing non-employee directors by granting to Mr.Robert Conway, Dr.Linda Grais, Dr. Anders Hove, Mr. Daniel Mitchell and Dr. Raymond Woosley options to purchase 8,000 shares of common stock at an exercise price of $0.72 per share, the closing price of the Company’s common stock on March 1, 2018.The options are subject to the terms and conditions of the Company’s Amended and Restated 2013 Equity Incentive Plan (the “Plan”) and the Company’s standard forms of Stock Option Agreement and Option Grant Notice for the Plan.The options vest in equal monthly installments and will be fully vested as of December 31, 2018, assuming Mr. Conway’s, Dr.Grais’, Dr. Hove’s, Mr. Mitchell’s and Dr. Woosley’s continued service on the Board for such periods.
About ARCA biopharma, Inc. (NASDAQ:ABIO)
ARCA biopharma, Inc. (ARCA) is a biopharmaceutical company. The Company is principally focused on developing genetically-targeted therapies for cardiovascular diseases. The Company’s lead product candidate is Gencaro (bucindolol hydrochloride), a beta-blocker and mild vasodilator that the Company is evaluating in a clinical trial for the treatment of atrial fibrillation (AF) in patients with heart failure with reduced left ventricular ejection fraction (HFREF). Gencaro is considered part of the beta-blocker class of compounds because of its property of blocking both beta-1 and beta-2, receptors in the heart. The blocking of these receptors prevents the receptor from binding with other molecules, primarily the neurotransmitter norepinephrine (NE), which activate these receptors. The Company is conducting a Phase IIB/III clinical trial of Gencaro, known as GENETIC-AF.