IMPRIMIS PHARMACEUTICALS, INC. (NASDAQ:IMMY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
On April 13, 2017, the Board of Directors (the Board) of Imprimis
Pharmaceuticals, Inc., a Delaware corporation (the Company),
promoted Clayton D. Edwards as Chief Operating Officer,
effectively immediately.
Mr. Edwards, age 49, joined the Company in August 2016 as Senior
Vice President of Operations and currently oversees the companys
operations, including pharmacy, production, dispensing, customer
service, information technology and quality.
Mr. Edwards is a healthcare executive with over 30 years of
experience developing and operationalizing complex healthcare
products and services. Prior to joining Imprimis, he was the
Senior Vice President of Home Delivery Pharmacy and Prior
Authorization (June 2011 to June 2016) for OptumRx, a
UnitedHealthcare company. He led an $18B PL business segment,
developing and improving Traditional and Specialty Pharmacy,
Prior Authorization, financial infrastructure, enterprise-wide
information technology and robotic systems, as well as overall
productivity. Earlier in his career, he held various executive
level positions at Doctor Diabetic Pharmacy/Sanare, Liberty
Medical and Medco Health Solutions. He actively serves on the
Albany College of Pharmacy Health Sciences Deans Advisory
Counsel, where he graduated with his Pharmacy degree. He also has
a Masters degree in Business Administration from St. Josephs
University.
In connection with his appointment, Mr. Edwards accepted an offer
letter (the Offer Letter) from the Company on April 13, 2107
setting forth certain terms of his promotion and employment. to
the Offer Letter, Mr. Edwards will be entitled to receive (i) an
annual base salary of $273,000; (ii) a target annual cash
incentive bonus equal to 50% of his base salary, with the actual
amount of the bonus to be based on the achievement of certain
corporate and individual performance goals to be determined by
the Compensation Committee of the Board; and (iii) an option to
purchase up to 45,000 shares of the Companys common stock (the
Option). The Option has an exercise price equal to the fair value
of the Companys common stock on the date of the grant (the Grant
Date). The Option vests and becomes exercisable: (i) with respect
to 11,250 shares on the first anniversary of the Grant Date; and
(ii) with respect to the remaining shares ratably each quarter
over the subsequent three years, such that the Option will be
fully vested and exercisable on the fourth anniversary of the
Grant Date.
Mr. Edwards has no family relationship with any of the executive
officers or directors of the Company. There are no arrangements
or understandings between Mr. Edwards and any other person to
which he is being appointed as an officer of the Company.
About IMPRIMIS PHARMACEUTICALS, INC. (NASDAQ:IMMY)
Imprimis Pharmaceuticals, Inc. (Imprimis) is engaged in the development, production and dispensing of compounded pharmaceuticals. The Company operates through the business of developing drug therapies and providing such therapies through sterile and non-sterile pharmaceutical compounding services segment. The Company, through its Imprimis Cares program, owns, markets and dispenses a portfolio of compounded therapeutic in several therapeutic areas, including ophthalmology, urology, otolaryngology and infectious diseases. The Company is also developing Custom Compounding Choice business, which is focused on developing and dispensing a portfolio of non-proprietary compounded drugs for humans and animals in therapeutic areas that may be overlooked by commercial pharmaceutical companies. The Company also offers customizable compounding products that consist of sterile injectable and non-sterile integrative medicine therapies that are used in various therapeutic areas. IMPRIMIS PHARMACEUTICALS, INC. (NASDAQ:IMMY) Recent Trading Information
IMPRIMIS PHARMACEUTICALS, INC. (NASDAQ:IMMY) closed its last trading session up +0.02 at 3.79 with 165,973 shares trading hands.