ITUS CORPORATION (NASDAQ:ITUS) 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 July 17, 2017, the Board of Directors of ITUS Corporation (the “Company”) appointed Mr. Lewis Titterton to serve on the Company’s Board of Directors until the Company’s next annual meeting of stockholders.
Lewis H. Titterton, Jr., age 73, served as a director of the Company from August 2010 through August 2016, as the Chairman of the Board of Directors from July 2012 through August 2016, and interim Chief Executive Officer from August 2012 until September 2012. Mr. Titterton is currently Chairman of the Board of NYMED, Inc., a diversified health services company. His background is in high technology with an emphasis on health care and he has been with NYMED, Inc. since 1989. Mr. Titterton founded MedE America, Inc. in 1986 and was Chief Executive Officer of Management and Planning Services, Inc. from 1978 to 1986. Mr. Titterton also served as one of our Directors from July 1999 to January 2003. He holds a M.B.A. from the State University of New York at Albany, and a B.A. degree from Cornell University. Mr. Titterton has been involved with our Company as a director or investor for over twenty years. Mr. Titterton also has substantial experience with advising on the strategic development of technology companies and over forty years of experience in various aspects of the technology industry.
In connection with Mr. Titterton’s appointment to the Board of Directors, the Company has granted Mr. Titterton options to purchase an aggregate of 6,000 shares of the Company’s common stock with an exercise price of $0.82 based upon the closing sales price of our common stock on the day he was appointed to the Board of Directors. The options, which were granted under the Company’s 2010 Share Incentive Plan, will vest over the remainder of the calendar year, with one half of the options vesting at the end of each of the two calendar quarters following the grant date. The full text of the 2010 Share Incentive Plan is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on July 20, 2010.
Mr. Titterton has not been involved in any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K. There are no family relationships between Mr. Titterton and any other director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company.
About ITUS CORPORATION (NASDAQ:ITUS)
ITUS Corporation is engaged in developing a diagnostic platform called Cchek, for the early detection of tumor-based cancers. The Cchek cancer detection platform measures a patient’s immune response to a malignancy by detecting the presence, absence and quantity of certain immune cells that exist in and around a tumor and that enter the blood stream. Instead of seeking to alter or boost the body’s immune system and its ability to destroy cancer cells, the Company has developed techniques and protocols for measuring the subtle immunological changes that occur in the blood stream during tumor development. Through its protocols, the Company has detected the biomarkers in the peripheral blood of biopsy verified cancer patients, and in distinguishing the blood of healthy patients from the blood of cancer patients.