BIOPHARMX CORPORATION (NYSEMKT:BPMX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

BIOPHARMX CORPORATION (NYSEMKT:BPMX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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(d)

On January 17, 2017, the Board of Directors (the “Board”) of BioPharmX Corporation (the “Company”) authorized an increase in the number of members of the Board from three to four.  To fill the vacancy as a result of this increase, the Board appointed C. Gregory Vontz to serve as director on the Board, effective as of January 17, 2017, until his successor is elected and qualified or until his earlier resignation or removal in the manner provided for in the Company’s Bylaws. The Company expects Mr. Vontz will be appointed to the audit committee, compensation committee, and nominating and governance committee in the near term.

Mr. Vontz will receive annual compensation payable in cash or equity of $66,000 in consideration for serving on the Board.  On January 18, 2017, Mr. Vontz was also granted options to purchase an aggregate of 125,000 shares of the Company’s common stock at an exercise price of $0.45 per share, which was equal to the closing price of the Company’s common stock on the NYSE MKT on such date. The options are subject to the terms and conditions of the Company’s 2016 Equity Incentive Plan and its related grant agreements.  65,000 shares will vest and become exercisable as to 1/24th of these shares each month after the date of grant over a two year period.  60,000 shares will vest and become exercisable as to 1/6th of these shares each month after the date of grant over six months.

 As with each of the Company’s directors and executive officers, BioPharmX intends to enter into an indemnification agreement with Mr. Vontz to give him additional contractual assurances regarding the scope of indemnification provided in the Company’s certificate of incorporation and to provide additional procedural protections.

Other than those that have been disclosed in this Current Report on Form 8-K, there are no other arrangements or understandings between Mr. Vontz and any other person to which Mr. Vontz was appointed as a director of the Company and there are no other related person transactions between the Company and Mr. Vontz.

The Company issued a press release announcing Mr. Vontz’s appointment to the Board on January 23, 2017, a copy of which is attached to this Form 8-K as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(d)

Exhibit No.Description

99.1 Press release by BioPharmX Corporation dated January 23, 2017.

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About BIOPHARMX CORPORATION (NYSEMKT:BPMX)

BioPharmX Corporation is a specialty pharmaceutical company. The Company is focused on utilizing its drug delivery technologies to develop and commercialize prescription and over-the-counter (OTC) products that address markets in women’s health and dermatology. Its portfolio of product candidates includes two clinical stage product candidates: BPX01, which is a topical antibiotic for the treatment of acne based on a formulation of minocycline, and BPX03, which is a molecular iodine (I2) tablet for the treatment of benign breast pain associated with fibrocystic breast condition (FBC) and cyclic mastalgia. Its VI2OLET is an OTC molecular iodine dietary supplement that addresses cyclic breast discomfort and is clinically demonstrated to alleviate the symptoms associated with FBC, including tenderness, aches and swelling. It is developing BPX02, which is an injectable utilizing biologic materials for aesthetic dermatology applications.

BIOPHARMX CORPORATION (NYSEMKT:BPMX) Recent Trading Information

BIOPHARMX CORPORATION (NYSEMKT:BPMX) closed its last trading session up +0.012 at 0.438 with 647,585 shares trading hands.

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