CERULEAN PHARMA INC. (NASDAQ:CERU) 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.
Departure of Adrian Senderowicz, M.D.
On June 6, 2017, Cerulean Pharma Inc. (the “Company”) and Adrian Senderowicz, M.D., Senior Vice President and Chief Medical Officer of the Company, agreed that Dr. Senderowicz’s last day of employment with the Company will be June 15, 2017. Dr. Senderowicz’s decision to terminate his employment with the Company did not involve any disagreement with the Company, the Company’s management or the Board of Directors.
The terms of Dr. Senderowicz’s existing retention agreement with the Company were previously described in Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2016, filed by the Company on April 28, 2017. The Company expects that, to the terms of the retention agreement, following Dr. Senderowicz’s termination, he shall remain eligible for the health assistance payment and management change in control bonus described therein and shall not be required to repay his retention bonus in connection with his termination.
Departure of Scott Eliasof, Ph.D.
On June 6, 2017, the Company and Scott Eliasof, Ph.D., Senior Vice President and Chief Scientific Officer agreed that Dr. Eliasof’s last day of employment with the Company will be June 30, 2017. Dr. Eliasof’s decision to terminate his employment with the Company did not involve any disagreement with the Company, the Company’s management or the Board of Directors.
The terms of Dr. Eliasof’s existing retention agreement with the Company were previously described in Amendment No. 1 to the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2016, filed by the Company on April 28, 2017. The Company expects that, to the terms of the retention agreement, following Dr. Eliasof’s termination he shall remain eligible for the health assistance payment and management change in control bonus described therein and shall not be required to repay his retention bonus in connection with his termination.
About CERULEAN PHARMA INC. (NASDAQ:CERU)
Cerulean Pharma Inc. is a clinical-stage, oncology-focused company. The Company applies its Dynamic Tumor Targeting platform to develop differentiated therapies. Its platform utilizes nanoparticle-drug conjugates (NDCs), which consist of polymers that are covalently linked to anti-cancer therapeutics or payloads. Its NDC platform is designed to create NDCs that accumulate high concentrations of active drug in tumor cells, without exposure to healthy tissue. Its platform is applicable to a range of payloads. It has created NDCs with a range of small molecule payloads, including Jevtana (cabazitaxel), gemcitabine, methotrexate and Xeljanz (tofacitinib). The Company’s product pipeline consists of CRLX101 and CRLX301. Its CRLX101 is a tumor targeted NDC. Its CRLX301 has docetaxel as its anti-cancer payload. CRLX101 has a camptothecin payload, which is a topoisomerase 1 (topo 1) inhibitor. CRLX301 is designed to concentrate docetaxel in tumor cells and spare healthy tissue.
