Novelion Therapeutics Inc. (NASDAQ:NVLN) Files An 8-K Results of Operations and Financial Condition
Item 2.02. >Results of Operations and Financial Condition.
announced its financial results for the quarter and year ended
December 31, 2016. A copy of the press release is being furnished
as Exhibit 99.1 to this Current Report on Form 8-K.
8-K and Exhibit 99.1 attached hereto is intended to be furnished
and shall not be deemed filed for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the Exchange Act),
or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act,
except as expressly set forth by specific reference in such
filing.
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Company, on the recommendation of the Compensation Committee,
determined the 2017 corporate goals relating to the Companys
annual cash incentive bonus plan (the Plan) in which certain
employees and executive officers of the Company are eligible to
participate. All of our executive officers participate in the
Plan. None of our directors other than our Chief Executive
Officer, Mary T. Szela, currently participate in the Plan.
Company based 50% on the level of achievement against annual
corporate goals. The amount of the cash bonus that any executive
officer is eligible to receive is based on a predetermined target
percentage of base salary.
from 0-50% in relative allocation. In determining whether the
Companys corporate goals have been achieved, the Compensation
Committee may consider any factors and achievements it considers
appropriate.
corporate goals:
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Financial: Goals related to the financial performance of
the Company on a consolidated basis, which represent 35% of the 2017 corporate goals; these include goals related to the Companys consolidated 2017 revenues, expenses and cash, as well as certain efforts to realize synergies following the Companys recent merger transaction. |
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Drug Development Pipeline: Goals related to the advancement
of the Companys drug development pipeline, which represent 40% of the 2017 corporate goals; these include goals related to the achievement of certain regulatory events, the development of strategies for certain of the Companys or its subsidiaries drug products and business development goals. |
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Organizational Transformation: Goals related to
organization development and transformation, which represent 10% of the 2017 corporate goals; these include goals related to public and investor relations, retention of key employees and efforts to identify and implement cost reduction and operational efficiency strategies. |
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Resolution of Critical Matters and Ongoing Compliance
Activities: Goals related to the final resolution of key litigation and investigations involving the Companys subsidiary and the implementation of compliance-related agreements and requirements related thereto, which together represent 15% of the 2017 corporate goals. |
attached hereto as Exhibit 99.2 for the purpose of updating and
superseding the risk factors and legal proceedings disclosure
contained in its prior public filings, including those discussed
under the caption Risk Factors and Legal Proceedings,
respectively, in its Annual Report on Form 10-K for the year
ended December 31, 2015, which was filed with the Securities and
Exchange Commission (SEC) on February 25, 2016 (and amended on
April 29, 2016), and its subsequent Quarterly Reports on Form
10-Q.
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Exhibit No.
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Description
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99.1
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Press Release, dated March 15, 2017.
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99.2
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Risk Factors and Legal Proceedings.
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About Novelion Therapeutics Inc. (NASDAQ:NVLN)
Novelion Therapeutics Inc, formerly QLT Inc., is a Canada-based biopharmaceutical company. The Company is engaged in development of new standards of care for individuals living with rare diseases. The Company is focused on advancing its portfolio of rare disease therapies by investing in science and clinical development. The Company holds a portfolio of products through its subsidiary, Aegerion Pharmaceuticals, Inc., a biopharmaceutical company dedicated to the development and commercialization of innovative therapies for patients with debilitating rare diseases. The Company’s portfolio of products include MYALEPT and JUXTAPID. The Company is also developing zuretinol acetate for the treatment of inherited retinal disease caused by underlying mutations in RPE65 or LRAT genes. Novelion Therapeutics Inc. (NASDAQ:NVLN) Recent Trading Information
Novelion Therapeutics Inc. (NASDAQ:NVLN) closed its last trading session down -0.55 at 11.38 with 148,640 shares trading hands.