Idera Pharmaceuticals,Inc. (NASDAQ:IDRA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(a) |
Resignation as Director |
On April18, 2017, Dr.Sudhir Agrawal executed an agreement to
which, effective as of May31, 2017, he will resign as the
President of Research and as a member of the board of directors
of Idera Pharmaceuticals,Inc. (the Corporation). Dr.Agrawals
decision to resign did not result from any disagreement with the
Corporation on any matter relating to the Corporations
operations, policies or practices.
(b) |
Resignation as Executive Officer |
Reference is made to the disclosure under Item 5.02(a)above.
(e) |
Compensatory Arrangement |
On April18, 2017, the Corporation entered into a Separation
Agreement and Release of Claims with Dr.Agrawal (the Agreement).
Under the terms of the Agreement:
Dr.Agrawals employment with the Corporation will end as of |
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Dr.Agrawal will resign as a member of the Board of the |
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Within thirty days of the Separation Date, the Corporation |
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Subject to Dr.Agrawals compliance with the Agreement, |
Commencing on the first regular payroll date following the |
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On the first regular payroll date following the Separation |
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The agreement provides that Dr.Agrawal will be provided |
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Until the earlier of May31, 2019 and the date on which |
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Any stock options or other equity incentive awards |
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The Corporation will reimburse Dr.Agrawal for up to $8,000 |
to the Agreement, Dr.Agrawal has released claims against |
to the Agreement, Dr.Agrawal has agreed to extend the |
Dr.Agrawal also will enter into a Scientific Advisor Agreement
with the Corporation on June1, 2017 under which he has agreed
to provide consulting services to the Corporation, and the
Corporation has agreed to pay him consulting fees equal to
$10,000 per month. The Corporation can terminate the Scientific
Advisor Agreement at any time upon 30 days notice.
Item7.01. Regulation FD Disclosure.
The full text of the Corporations press release issued in
connection with the announcement of Dr.Agrawals resignation is
furnished as Exhibit99.1 to this Current Report on Form8-K.
The information in Exhibit99.1 shall not be deemed filed for
purposes of Section18 of the Securities Exchange Act of 1934,
as amended (the Exchange Act), or otherwise subject to the
liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such a filing.
Item9.01. Financial Statements and Exhibits.
(d) |
Exhibits |
Exhibit99.1 relating to Item7.01 shall be deemed to be
furnished, and not filed:
99.1 Press Release dated April18, 2017.
About Idera Pharmaceuticals, Inc. (NASDAQ:IDRA)
Idera Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of therapeutics for oncology and rare diseases. The Company utilizes two drug discovery technology platforms to design and develop drug candidates, which include Toll-like receptor (TLR) targeting technology and third-generation antisense (3GA) technology. Using TLR technology, the Company designs synthetic oligonucleotide-based drug candidates to act by modulating the activity of specific TLRs. Using its 3GA technology, the Company is developing drug candidates to turn off the messenger ribo nucleic acid (mRNA) associated with disease causing genes. The Company’s drug candidates include IMO-8400, IMO-2125 and IMO-9200. The Company has designed TLR antagonists and agonists to act by modulating the activity of targeted TLRs. It is developing its 3GA technology to turn off the mRNA associated with disease causing genes. Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) Recent Trading Information
Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) closed its last trading session down -0.02 at 2.26 with 874,634 shares trading hands.