Myovant Sciences Ltd. (NYSE:MYOV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Compensation Decisions Regarding Lynn Seely, M.D., Principal Executive Officer
On March 28, 2017, the Compensation Committee of the Board of Directors (the “Board”) of the Registrant approved the annual base salary and bonus target opportunity effective April 1, 2017 for Dr. Seely, the Registrant’s Principal Executive Officer. As provided in her employment agreement, effective April 1, 2017, Dr. Seely’s annual base salary was increased to $512,300 based on benchmarking analysis conducted by the Compensation Committee’s independent consultant.
Change of Status of Frank Karbe, Principal Financial and Accounting Officer
to Mr. Karbe’s employment agreement, dated April 3, 2017, with Myovant Sciences, Inc., he will receive an annual base salary of $367,700 and a sign-on bonus of $50,000. The Compensation Committee approved the grant to Mr. Karbe of an option to purchase up to 200,000 of the Registrant’s common shares. In accordance with the Registrant’s option grant policy, the grant will be effective on May 15, 2017 and will have an exercise price equal to the closing price of the Registrant’s common shares on the New York Stock Exchange on that date.
About Myovant Sciences Ltd. (NYSE:MYOV)
Myovant Sciences Ltd. is a clinical-stage biopharmaceutical company focused on developing and commercializing therapies for women’s health diseases and other endocrine-related disorders. Its main product candidate is Relugolix. Relugolix is an oral, once-daily, small molecule that acts as a gonadotropin-releasing hormone (GnRH) receptor antagonist that binds to and inhibits receptors in the anterior pituitary gland. Inhibition of GnRH receptors decreases the release of the gonadotropins, luteinizing hormone, or LH, and follicle-stimulating hormone, or FSH, thereby decreasing the down-stream production of estrogen and progesterone by the ovaries in women and testosterone by the testes in men. It is advancing relugolix for the treatment of heavy menstrual bleeding associated with uterine fibroids, endometriosis-associated pain and prostate cancer. It intends to develop its second product candidate, RVT-602, for the treatment of female infertility as part of assisted reproduction. Myovant Sciences Ltd. (NYSE:MYOV) Recent Trading Information
Myovant Sciences Ltd. (NYSE:MYOV) closed its last trading session down -0.05 at 13.04 with 42,770 shares trading hands.