CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On October27, 2017, the Board of Directors of CymaBay Therapeutics, Inc., approved the promotion of Sujal Shah to the position of President and Chief Executive Officer of CymaBay to be effective November1, 2017. Mr.Shah, age 44, has served as CymaBay’s Interim President and Chief Executive Officer since April 2017, and as CymaBay’s Chief Financial Officer since December of 2013. Prior to that he served as a consultant and acting Chief Financial Officer to CymaBay from June 2012 to December 2013. From 2010 to 2012, Mr.Shah served as Director, Health Care Investment Banking for Citigroup Inc., where he was responsible for managing client relationships and executing strategic and financing related transactions for clients focused in life sciences. From 2004 to 2010 Mr.Shah was employed with Credit-Suisse, last serving in the capacity as Vice President, Health Care Investment Banking Group. Mr.Shah received a M.B.A. from Carnegie Mellon University Tepper School of Business and M.S. and B.S. degrees in Biomedical Engineering from Northwestern University. Mr.Shah currently serves on the Executive Advisory Board of the Chemistry of Life Processes Institute at Northwestern University.
As a result of the recent promotion of Mr.Shah as CymaBay’s President and Chief Executive Officer, CymaBay increased Mr.Shah’s annual base salary to $440,000, and granted Mr.Shah an option to purchase 640,000 shares of CymaBay’s common stock with an exercise price per share equal to the fair market value of a share of CymaBay’s common stock on the date of grant. The option will vest over a four year-period, subject to continuous service to CymaBay.
About CymaBay Therapeutics, Inc. (NASDAQ:CBAY)
CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing therapies to treat metabolic diseases, including serious rare and orphan diseases. The Company’s product candidates include Arhalofenate, MBX-8025 and MBX-2982. Arhalofenate is used to treat gout. MBX-8025 is a selective agonist for the peroxisome proliferator-activated receptor delta (PPARd). The Company has completed over five Phase I clinical studies and a Phase II clinical study for MBX-8025. MBX-2982 is an oral, G-protein coupled receptor agonist being evaluated as a therapeutic agent for patients with Type 2 diabetes (T2DM), with a dual mechanism, including direct effects and indirect effects mediated by gastrointestinal hormones known as incretins on glucose-dependent insulin secretion, as well as potentially beneficial effects on islet health. The Company has completed over four Phase I clinical studies and a Phase II clinical study for MBX-2982.
