ATYR PHARMA, INC. (NASDAQ:LIFE) 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 December 11, 2017, aTyr Pharma, Inc. (the “Company”) andSanuj K. Ravindran, M.D., the Company’s Chief Business Officer, agreed upon a transition plan wherebyDr. Ravindran will transition from his role as Chief Business Officer to that of a business advisor to the Company.Dr. Ravindran’s last day of employment with the Company will be December 31, 2017.
To implement this transition, the Company and Dr.Ravindran entered into a Transition Separation Agreement (the “Transition Agreement”) and a Consulting Agreement (the “Consulting Agreement”). to the terms of the Transition Agreement, the Company agreed to (i)provide the following benefits: a payment equal to Dr. Ravindran’s annual salary, continuation of certain benefits for one year, and one year acceleration of time-based vesting for outstanding stock options, in each case conditioned upon a general release of claims; (ii) retain Dr. Ravindran as a consultant to the terms of the Consulting Agreement; and (iii) provide for an extended option exercise period of three months following the termination of services provided under the Consulting Agreement for Dr.Ravindran’s outstanding options. to the terms of the Consulting Agreement, Dr.Ravindran will provide advisory services related to the Company’s business development efforts and investor relations plans through the end of 2018 at a rate of $15,000 per month for the first four months, $10,000 per month for the next four months and $5,000 per month for the final four months.
The foregoing descriptions of the Transition Agreement and the Consulting Agreement do not purport to be complete and are qualified in their entirety by reference to the Transition Agreement and the Consulting Agreement, which the Company intends to file with the Securities and Exchange Commission as exhibits to its Annual Report on Form 10-K for the year ended December31, 2017.
On December 11, 2017, Mark Goldberg, M.D. provided the Company with notice of his resignation from the Board of Directors (the “Board”), effective immediately, due to other commitments. Dr. Goldberg’s decision to resign was not a result of a disagreement with management regarding the Company’s operations, policies, practice or otherwise. Dr. Goldberg has served on the Board since 2015.
About ATYR PHARMA, INC. (NASDAQ:LIFE)
aTyr Pharma, Inc. is a clinical-stage biotherapeutics company. The Company is engaged in the discovery and clinical development of medicines for patients suffering from severe, rare diseases using its Physiocrine biology, a discovered set of physiological modulators. The Company focuses on the development of Physiocrine-based therapeutics for the treatment of rare diseases, including facioscapulohumeral muscular dystrophy (FSHD) and limb-girdle muscular dystrophy (LGMD) 2B. The Company is developing Resolaris, an intravenous protein therapeutic for the treatment of rare myopathies with an immune component (RMICs). The Company is investigating Resolaris in patients with LGMD2B. The Company is conducting approximately three open label trials in patients with early onset FSHD, in adult patients with FSHD or LGMD2B and a long-term extension study in adult patients with FSHD. The Company has not generated any revenues.