GALECTIN THERAPEUTICS INC. (NASDAQ:GALT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(b)By letter dated June6, 2018, Peter G. Traber, MD, President, Chief Executive Officer, and Chief Medical Officer of Galectin Therapeutics Inc. (the “Company”),informed the board of directors (the “Board”) of the Company of his resignation from the positions of President, Chief Executive Officer, and Chief Medical Officer of the Company. The resignation is effective July6, 2018.
A copy of the Company’s press release announcing Dr.Traber’s resignation is attached as Exhibit 99.1 hereto and incorporated by reference herein.
(c) In connection with Dr.Traber’s resignation, the Board, on June8, 2018, elected Harold Shlevin, Ph.D., the Company’s Chief Operating Officer and Secretary, to the position of Chief Executive Officer and President to succeed Dr.Traber. Dr.Shlevin, age 68, has served as the Chief Operating Officer of the Company since October 2012.
Before joining the Company, Dr.Shlevin served Georgia Institute of Technology’s Advanced Technology Development Center (ATDC) as principal and manager of bioscience commercialization efforts, where he served as a catalyst for new bioscience startup companies. His leadership roles have included president and chief executive officer of Solvay Pharmaceuticals, where he oversaw the successful launch of the first topical testosterone gel product in the US; co-founder of CIBA Vision Ophthalmics, a specialty ophthalmic drug company, where he headed efforts leading to the approval of the first non-steroidal agent for treatment of ocular inflammation and several other drug products; founder, president and chief executive officer of Tikvah Therapeutics, a company focused on clinical development of therapeutics for treatment of neurological diseases; and vice president and head of operations and commercial development for Altea Therapeutics Corporation, a clinical-stage drug delivery company with platform technology applicable to the transdermal delivery of large molecules. Dr.Shlevin earned his B.A. from Boston University and M.S. and Ph.D. in physiology from the University of Rochester Medical School. He completed post-doctoral training in pharmacology at Mayo Clinic. He is a member of scientific and business societies including the Institute of Electrical and Electronics Engineers, Licensing Executives Society, American Physiological Society, American Society of Pharmacology and Experimental Therapeutics, and is an inventor on several issued and pending patents.
(e) In connection with Dr.Shlevin’s appointment as Chief Executive Officer and President, the Company and Dr.Shlevin on June8, 2018, entered into an amendment to Dr.Shlevin’s Amended and Restated Employment Agreement, dated December11, 2014 (the “First Amendment to Employment Agreement”) to reflect his new position and to increase his annual compensation to $500,000. The Board also granted Dr.Shlevin additional options to purchase 35,000 shares of the Company’s common stock to the Company’s Amended and Restated 2009 Incentive Compensation Plan.
The foregoing description of the First Amendment to Employment Agreement is not complete and is qualified in its entirety by reference to the First Amendment to Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Report and is incorporated herein by reference.
In connection with Dr.Shlevin’s appointment as Chief Executive Officer, the Board appointed Jack W. Callicutt, the Company’s Chief Financial Officer, to the additional position of Company Secretary and increased his annual compensation to $285,000.
| Item 5.02 | Financial Statements and Exhibits. |
GALECTIN THERAPEUTICS INC ExhibitEX-10.1 2 d600642dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 FIRST AMENDMENT TO EMPLOYMENT AGREEMENT THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made as of June 8,…To view the full exhibit click here
About GALECTIN THERAPEUTICS INC. (NASDAQ:GALT)
Galectin Therapeutics Inc. is a clinical-stage biopharmaceutical company engaged in drug research and development to create therapies for fibrotic disease and cancer. The Company’s drug candidates are based on its method of targeting galectin proteins, which are mediators of biologic and pathologic functions. It uses naturally occurring, readily-available plant materials as starting material in manufacturing processes to create complex carbohydrates with specific molecular weights and other pharmaceutical properties. The Company has two product candidates, GR-MD-02 and GM-CT-01. The Company’s galectin-3 inhibitor is GR-MD-02. The Company is focusing on development of GR-MD-02 intended to be used in the treatment of liver fibrosis associated with fatty liver disease (NASH), moderate to severe plaque psoriasis and in cancer therapy in combination with immune-system modifying agent(s). GM-CT-01 is a compound that continues to be explored in preclinical studies.
