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.
On January4, 2017, the Compensation Committee of the Board of
Directors of Idera Pharmaceuticals,Inc. (the Company) approved
compensation for its named executive officers, as set forth in
the bullets and the table below:
The payment of cash bonus award for 2016;
The grant of options to purchase shares of common stock of the
Company; and
New annual base salaries for 2017.
|
Name |
|
2016 Bonus |
|
Stock Options(1) |
|
2017 Annual Salary |
|
||
|
Vincent J. Milano President and Chief Executive |
$ |
211,680 |
300,000 |
$ |
600,000 |
||||
|
Sudhir Agrawal, D. Phil. President of Research |
$ |
207,482 |
185,000 |
$ |
588,100 |
||||
|
Louis J. Arcudi,III
Senior Vice President of Operations, Chief Financial |
$ |
116,760 |
185,000 |
$ |
357,900 |
||||
|
Mark J. Casey Senior Vice President General Counsel |
$ |
115,930 |
185,000 |
$ |
382,000 |
||||
|
R. Clayton Fletcher Senior Vice President, Business |
$ |
114,660 |
185,000 |
$ |
386,300 |
(1) Each of the options to purchase shares of the Companys common
stock is granted effective as of January4, 2017 and made to the
Companys 2013 Stock Incentive Plan. The exercise price is $1.59
per share, which is equal to the closing price of the Companys
common stock on the Nasdaq Capital Market on January4, 2017.
Subject to the named executive officers continued employment with
the Company on the applicable vesting date, the option vests with
respect to 25% of the underlying shares on the first anniversary
of the date of grant and the balance of the underlying shares
vest in twelve equal quarterly installments following the first
anniversary of the date of grant.
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/IMO-2055, and IMO-9200. The Company’s TLR antagonist lead drug candidates are IMO-8400 and IMO-9200, which are both antagonists of TLR7, TLR8 and TLR9. Its TLR agonist lead drug candidates are IMO-2055 and IMO-2125, which are both agonists of TLR9. Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) Recent Trading Information
Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) closed its last trading session up +0.04 at 1.57 with 789,333 shares trading hands.