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.
Effective as of December 8, 2016, upon the recommendation of the nominating and corporate governance committee, and to the bylaws of Ignyta, Inc. (the “Company”), the Board of Directors (the “Board”) of the Company appointed Steven L. Hoerter to the Board. Mr. Hoerter was appointed as a Class I director, with an initial term expiring at the 2018 annual meeting of stockholders of the Company, and was named to serve on the Board’s nominating and corporate governance committee. Mr. Hoerter will replace Alexander Casdin, who is also a current Board member, on the nominating and corporate governance committee.
Mr. Hoerter will participate in the Company’s non-employee director compensation program and will receive an annual retainer of $40,000 for his service on the Board. Mr. Hoerter will receive an additional annual retainer of $3,500 as a member of the nominating and corporate governance committee. Upon joining the Board, Mr. Hoerter was granted an option to purchase 24,000 shares of common stock of the Company with an exercise price per share of $6.40, which is equal to the fair market value of the common stock on the date of grant, with one-third of the shares subject to the award vesting on the first anniversary of the date of grant and 1/36th of the total shares subject to the award vesting on each monthly anniversary thereafter. In addition, on the date of each annual meeting of stockholders of the Company, Mr. Hoerter will be eligible to receive annual equity awards, provided that Mr. Hoerter has been serving on the Board for at least six months prior to such meeting and will continue to serve on the Board immediately following such meeting, which options will vest and become exercisable on the first anniversary of the date of grant. Mr. Hoerter will enter into the Company’s standard indemnification agreement for directors.
There are no arrangements or understandings between Mr. Hoerter and any other persons to which either of them was selected as a director, and there are no related person transactions (within the meaning of Item 404(a) of Regulation S-K) between Mr. Hoerter and the Company. The Board has determined that Mr. Hoerter meets the applicable independence requirements of The NASDAQ Stock Market LLC.
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 00.00 at 6.10 with shares trading hands.