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.
On January 17, 2018, the compensation committee of the Board of Directors of ITUS Corporation (the “Company”) approved certain changes to the compensation of Dr. Amit Kumar, the President, Chief Executive Officer and Chairman of the Board of Directors of the Company, and Michael J. Catelani, the Chief Operating Officer and Chief Financial Officer of the Company. Specifically, Dr. Kumar’s base salary was increased from $300,000 per year to $360,000 per year and Mr. Catelani’s base salary was increased from $229,000 per year to $252,500 per year, such increases to be effective retroactively as of January 1, 2018. In addition, each of Dr. Kumar and Mr. Catelani received a cash bonus of $33,333 to be paid by January 31, 2018.
The Company also approved a new policy permitting employees of the Company that have waived health insurance coverage to receive the cash value of their eligible health insurance benefits. As a result of this new policy, Dr. Kumar will receive approximately $25,000 in cash in lieu of receiving health insurance benefits during our fiscal year 2018.
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.
