IGNYTA, INC. (NASDAQ:RXDX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 19, 2016, Ignyta, Inc. (the “Company”) and Igor P. Bilinsky, Ph.D., Senior Vice President, Research Operations, and General Manager, Immuno-Oncology agreed to the termination of his employment with the Company effective January 1, 2017. As a result of his separation, Dr. Bilinsky is entitled to the benefits provided by the Company’s Severance and Change in Control Severance Plan, as described in the Company’s proxy statement for its 2016 annual meeting. Under that plan, he will receive continued payment of his base salary for nine months, and continued coverage of group medical and dental benefits under COBRA for nine months, for which the Company will pay the premium costs. As partial compensation for executing a release of all claims against the Company, Dr. Bilinsky will receive a cash payment equal to his annual cash bonus for performance year 2016 under the Company’s annual incentive bonus plan as determined by the Company’s Compensation Committee. In addition, to assist with the management transition, Dr. Bilinsky and the Company will enter into a consulting agreement which will provide for continued vesting of his outstanding stock options.
About IGNYTA, INC. (NASDAQ:RXDX)
Ignyta, Inc. is an oncology biotechnology company. The Company focuses on an integrated therapeutic (Rx) and companion diagnostic (Dx) strategy for treating cancer patients. Its Rx is focused on discovering, in licensing or acquiring, then developing and commercializing molecularly targeted therapies that, sequentially or in combination, are foundational for eradicating residual disease. Its Dx focuses on pairing the product candidates with biomarker-based companion diagnostics that are designed to identify, at the molecular level, the patients likely to benefit from the therapies. Its entrectinib is an orally bioavailable, small molecule tyrosine kinase inhibitor directed to the tropomyosin receptor kinase (Trk) family tyrosine kinase receptors (TrkA, TrkB and TrkC), ROS1 and anaplastic lymphoma kinase (ALK) proteins for the treatment of solid tumors. Its entrectinib is in Phase II/III of clinical development. Its taladegib is a small molecule and hedgehog or smoothened antagonist. IGNYTA, INC. (NASDAQ:RXDX) Recent Trading Information
IGNYTA, INC. (NASDAQ:RXDX) closed its last trading session up +0.10 at 5.70 with shares trading hands.