NewLink Genetics Corporation (NASDAQ:NLNK) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
On July 28, 2017, NewLink Genetics Corporation, a Delaware corporation (the “Company”), issued a press release providing an operational update and reporting financial results for the second quarter ended June 30, 2017 ("Press Release"). A copy of the Press Release and the Second Quarter Financial Results Presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.
The information in this Current Report, including Exhibits 99.1 and 99.2 attached hereto is furnished under Item 2.02 of this report and shall not be deemed to be “filed” for purposes of Section18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Section5 – Corporate Governance and Management
Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 28, 2017, NewLink Genetics Corporation, a Delaware corporation, or the Company, announced that Nicholas Vahanian, M.D., President and Chief Medical Officer and a Director of the Company, will be on a temporary medical leave of absence, effective immediately. During his absence, other members of the management team will assume his duties.
(e) Amendment of Executive Employment Agreements
On July 26, 2017, in connection with a voluntary reduction in base salary, the Company entered into amendments to the employment agreement (the "Amendments") with each of Dr. Charles J. Link, Jr., Dr. Nicholas N. Vahanian, John B. Henneman and Brian Wiley that amend and restate certain terms of the current employment agreements between the Company and such named executive officers.
The material terms of the Amendments include: (i) a 10% percent reduction in annual base salary effective the next regular payroll cycle. Upon any covered termination under the terms of the employment agreements as amended, the 2017 Base Salary or the executive's then effective base salary under the agreement, whichever is greater, shall be used for purposes of calculating executive's severance.
The foregoing description of the Agreements is qualified in its entirety by reference to the Amendments, which NewLink intends to file as exhibits to its Quarterly Report on Form 10-Q for the current quarter.
Section8 – Other Events
Item 8.01.Other Events.
On July 28, 2017, the Company also announced that it has implemented a significant restructuring program. The objective of the restructuring is to focus the company's resources on the development of indoximod and NLG802.
The restructuring is in process and includes the elimination of most spending for programs outside of indoximod and approximately a 50 percent reduction in headcount to approximately 70.
Section9 – Financial Statements and Exhibits
Item 9.01.FinancialStatements and Exhibits.
(d) Exhibits.
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ExhibitNumber |
Description |
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99.1 |
Press Release, dated July 28, 2017, entitled “NewLink Genetics Corporation Reports Second Quarter 2017 Financial Results and Updates Indoximod Program” |
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99.2 |
Second Quarter 2017 Financial Results Presentation |
NEWLINK GENETICS CORP ExhibitEX-99.1 2 nlnk-20170728x8kxex991.htm PRESS RELEASE Exhibit Exhibit 99.1FOR IMMEDIATE RELEASENewLink Genetics Reports Second Quarter 2017 Financial Results and Updates Indoximod Program- Management to Host Conference Call Today at 8:30 a.m. ETAMES,…To view the full exhibit click here
About NewLink Genetics Corporation (NASDAQ:NLNK)
NewLink Genetics Corporation is a biopharmaceutical company focused on discovering, developing and commercializing immunotherapeutic products for cancer treatment. The Company’s portfolio includes biologic and small-molecule immunotherapy product candidates for a range of oncology indications. Its biologic product candidates are based on its HyperAcute immunotherapy technology platform, which is designed to stimulate the human immune system. Algenpantucel-L is its clinically advanced product candidate for patients with pancreatic cancer. Its additional HyperAcute cellular HyperAcute Cellular Immunotherapy product candidates in clinical development include tergenpumatucel-L and dorgenmeltucel-L for patients with advanced lung cancer and melanoma. It has two small-molecule product candidates in clinical development: GDC-0919 and indoximod. These product candidates are indoleamine-2, 3-dioxygenase (IDO) pathway inhibitors and focus on breaking the immune system’s tolerance to cancer.