Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) 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.

(b) On April 5, 2017, José Baselga, M.D., Ph.D., informed our company of his decision to retire from our Board of Directors effective at the end of his current term, which expires on the date of our 2017 Annual Meeting of Stockholders (the “Annual Meeting”). Accordingly, Dr. Baselga will not stand for re-election to our Board at our 2017 Annual Meeting.

(d) On April 5, 2017, our Board, based on the recommendation of the Nominating and Governance Committee of our Board (the “Governance Committee”), elected Michael G. Kauffman, M.D., Ph.D., as an independent director. Additionally, our Board, based on the recommendation of the Governance Committee, appointed Dr. Kauffman to the Governance Committee and the Research and Development Committee of our Board. His term began on April 5, 2017, and will expire at our 2017 annual meeting of stockholders or his earlier death, resignation, or removal.

In accordance with our company’s director compensation program, Dr. Kauffman will receive an annual cash retainer of $40,000 for service on our Board. Dr. Kauffman will also receive a $7,500 retainer for service as a member of the Governance Committee and a $7,500 retainer for service as a member of the Research and Development Committee. These amounts are payable upon election and are pro-rated based on the length of his initial term. In addition, under our company’s director compensation program, Dr. Kauffman was granted an option to purchase up to 40,000 shares of our common stock at a price equal to the closing price of our common stock on the Nasdaq Global Select Market on the date of election to our Board. This option, which was granted under our 2010 Stock Incentive Plan, as amended, will vest and become exercisable over a period of two years in equal quarterly installments beginning at the end of the first quarter after the date of granted, provided that Dr. Kauffman continues to serve as a director.

About Infinity Pharmaceuticals, Inc. (NASDAQ:INFI)

Infinity Pharmaceuticals, Inc. is a biopharmaceutical company. The Company is engaged in the discovery, development and delivery of medicines to treat diseases. The Company develops small molecule drugs that target disease pathways for potential applications in oncology. Its product candidate is duvelisib, also known as IPI-145, is an oral, dual-inhibitor of the delta and gamma isoforms of phosphoinositide-3-kinase (PI3K), for the treatment of hematologic malignancies, or blood cancers. The Company is also developing IPI-549, which is an orally administered, clinical-stage, immuno-oncology product candidate that selectively inhibits the gamma isoform of PI3K. In addition to duvelisib, the Company focuses to generate new product candidates for potential investigation in oncology. The Company also focuses on developing DYNAMO, CONTEMPO, BRAVURA, FRESCO, DYNAMO+R, DUO, SYNCHRONY and Duvelisib + Venetoclax.

Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) Recent Trading Information

Infinity Pharmaceuticals, Inc. (NASDAQ:INFI) closed its last trading session down -0.31 at 2.80 with 1,834,636 shares trading hands.