CAPRICOR THERAPEUTICS, INC. (NASDAQ:CAPR) 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
On February 4, 2019, the board of directors of Capricor Therapeutics, Inc., a Delaware corporation (the “Company”), approved a reduction to the annual base salary for Dr. Linda Marbán, Chief Executive Officer from $232,909 to $150,000 per year, with the reduction being effective February 1, 2019. This reduction to annual base salary modifies that certain employment agreement dated September 1, 2010, by and between Capricor, Inc. and Dr. Marbán (the “Marbán Employment Agreement”). The description of the Marbán Employment Agreement provided in the Company’s Definitive Proxy Statement for its 2018 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 26, 2018, under the heading “Employment Agreements and Post-Termination Benefits — Linda Marbán, Ph.D. — President and Chief Executive Officer” is incorporated herein by reference. All other terms and conditions of the Marbán Employment Agreement remain in effect.
On February 6, 2019, the Company issued a press release announcing an update on its HOPE-2 clinical program. Furthermore, to reduce expenses and better align resources and personnel on the Company’s core lead programs, the Company has reduced its staff by 21 full-time employees. The reduction in operating expenses is expected to extend the Company’s currently available cash, cash equivalents and marketable securities into late 2019. Additionally, the Company is exploring strategic alternatives, with respect to one or more of its product candidates.
A copy of the press release is being furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
CAPRICOR THERAPEUTICS, INC. Exhibit
EX-99.1 2 tv512543_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Capricor Resumes Dosing of Enrolled Patients in HOPE-2 Clinical Trial for Duchenne Muscular Dystrophy LOS ANGELES,…
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About CAPRICOR THERAPEUTICS, INC. (NASDAQ:CAPR)
Capricor Therapeutics, Inc. is a clinical-stage biotechnology company focused on the discovery, development and commercialization of therapeutics. The Company focuses on discovering, developing and commercializing regenerative medicine and large molecule products for the treatment of disease, with a primary focus on the treatment of cardiovascular diseases, including orphan indications. Its product candidate, CAP-1002, a cardiosphere-derived cell product, is being tested in the ALLSTAR Phase II clinical study on patients having suffered a myocardial infarction (MI), while the DYNAMIC clinical study is testing CAP-1002 in patients in the advanced-stage of heart failure. CAP-1002 is also being tested in the HOPE-Duchenne Phase I/II clinical study for use in connection with Duchenne muscular dystrophy-related cardiomyopathy. Cenderitide, a dual receptor natriuretic peptide agonist, is being tested in a Phase II clinical study. Exosomes are nano-sized, membrane-enclosed vesicles.
