Insys Therapeutics, Inc. (NASDAQ:INSY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 9.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 18, 2017, Insys Therapeutics, Inc. (the “Company”) announced that, effective August 7, 2017, Andrew G. Long will be the Company’s new Chief Financial Officer (“CFO”). On May 16, 2017, the Company had announced that Darryl S. Baker, the Company's current CFO, would be transitioning from the role of CFO when a successor was hired.
Mr. Long will receive cash compensation as follows: (i) annual base salary of $350,000 and (ii) eligibility of annual performance-based cash bonus set at a target level of sixty percent (60%) of his annual base salary. For 2017, any year-end cash bonus will be prorated from the date of hire.Upon the commencement of his employment and contingent upon compensation committee approval, Mr. Long will also receive an initial equity grant as follows: (i) 100,000 stock options and (ii) 15,000 restricted stock units. Such equity awards are subject to such other terms and conditions as set forth in the applicable equity plan and any relevant grant agreement accompanying such grants.The option grant will vest monthly and equally over the next forty-eight (48) months and the restricted stock units will vest 1/3 annually with 50% vested after completion of thirty-six (36) months. The Company expects to enter into its standard officer indemnification agreement with Mr. Long and his agreement contains other standard provisions and customary benefits such as relocation assistance, health and life insurance, retirement benefits and non-compete obligations.On July 18, 2017, the Company issued a press release announcing Mr. Long’s appointment as CFO. A copy of this press release is attached hereto as Exhibit 99.1.
On July 13, 2017, Dr. Ted Stanley, one of the members of the Company’s Board of Directors (the “Board”), passed away.The Board has not filled this existing vacancy on the Board at this time.
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Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit Number |
Description |
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99.1 |
Press Release dated July 18, 2017 Announcing Appointment of Andrew G. Long as Chief Financial Officer |
Insys Therapeutics, Inc. ExhibitEX-99.1 2 insy-ex991_6.htm EX-99.1 insy-ex991_6.htm Exhibit 99.1 Insys Therapeutics,…To view the full exhibit click here
About Insys Therapeutics, Inc. (NASDAQ:INSY)
Insys Therapeutics, Inc. is a commercial-stage specialty pharmaceutical company. The Company develops and commercializes supportive care products. The Company’s product Subsys, is a sublingual fentanyl spray for breakthrough cancer pain (BTCP) in opioid-tolerant patients and a single-use product that delivers fentanyl, an opioid analgesic, for transmucosal absorption underneath the tongue. The Company markets Subsys through its field sales force focused on supportive care physicians in the United States. Subsys delivers a liquid fentanyl formulation in approximately 100, 200, 400, 600, 800, 1,200 and 1,600 micrograms (mcg) dosages. The Company’s lead dronabinol product candidate is Syndros, which is under review for approval at the Food and Drug Administration. In addition, the Company is evaluating sublingual spray, inhaled and intravenous formulations of dronabinol in preclinical studies.