Chimerix, Inc. (NASDAQ:CMRX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b)On February 5, 2019, M. Michelle Berrey resigned as our President and Chief Executive Officer, effective immediately, and also resigned as a member of our Board of Directors, effective immediately.
(c) In connection with Dr. Berrey’s resignation, on February 5, 2019, our Board of Directors created a new position to be known as the Office of the Chief Executive Officer, and appointed W. Garrett Nichols, Timothy W. Trost and Michael A. Alrutz as the members of the Office of the Chief Executive Officer, effective immediately.
Dr. Nichols will also retain his title as Chief Medical Officer, a position he has held since September 2014, and Mr. Trost will also retain his title as Senior Vice President, Chief Financial Officer and Corporate Secretary, a position he has held since February 2012. Complete biographical information for Dr. Nichols and Mr. Trost was provided in our definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on April 26, 2018.
Dr. Alrutz will also retain his title as Senior Vice President, General Counsel, a position he has held since 2014. Dr. Alrutz joined Chimerix in 2012. From 2002 to 2011, Dr. Alrutz was counsel to Trimeris, Inc., serving in a variety of in-house positions, most recently as General Counsel. While at Trimeris, Dr. Alrutz had primary responsibility and oversight of the company’s legal department. Dr. Alrutz received his JD from Duke University School of Law and his Ph.D. in molecular biology from the Tufts University Sackler School of Biomedical Sciences. He received his B.A. from the University of Pennsylvania.
In connection with their appointment as members of the Office of the Chief Executive Officer, on February 5, 2019, our Board of Directors approved the payment of a quarterly cash stipend to each of Dr. Nichols, Mr. Trost and Dr. Alrutz in the amount of $50,000, which will be paid on a quarterly basis until the earlier of (i) December 31, 2019 and (ii) the date our Board of Directors appoints a replacement Chief Executive Officer. Our Board of Directors also approved the grant of a restricted stock unit (“RSU”) to each of Dr. Nichols, Mr. Trost and Dr. Alrutz covering 100,000 shares of our common stock. Each RSU was granted to our 2013 Equity Incentive Plan and, subject to each individual’s continuous service, will vest in full on December 31, 2019.
About Chimerix, Inc. (NASDAQ:CMRX)
Chimerix, Inc. (Chimerix) is a biopharmaceutical company. The Company is focused on discovering, developing and commercializing oral antivirals. The Company, based on its lipid conjugate technology, has developed its lead compound, brincidofovir (BCV, CMX001), which is in Phase III clinical development. In addition, the Company has an active discovery program focusing on viral targets for which limited or no therapies are available. Brincidofovir is an investigational oral nucleotide analog that has shown spectrum antiviral activity against over five families of double-stranded deoxyribonucleic acid (dsDNA) viruses that affect humans. CMX157, is its second clinical-stage nucleotide analog, uses the same lipid technology as brincidofovir to deliver high intracellular concentrations of the potent antiviral drug, tenofovir. Tenofovir is marketed under the brand name Viread. The Company has discovered, developed and selected a clinical candidate, CMX669, for BK virus and cytomegalovirus.